Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its early gains, the benchmark index is still higher by 0.2% to 5,902 points in afternoon trade.
Four shares which have failed to follow the market higher today are listed below. Here's why they sank lower:
The Beach Energy Ltd (ASX: BPT) share price has fallen 3% to 88.2 cents despite there being no news out of the oil and gas company. But with its shares up almost 40% in the last three months, today's decline could be related to profit taking.
The Crown Resorts Ltd (ASX: CWN) share price has continued to slide lower, this time by almost 2% to $11.00. The casino and resorts operator has come under heavy selling pressure following a number of allegations that include staff tampering with gaming equipment.
The Rio Tinto Limited (ASX: RIO) share price has tumbled almost 3% to $69.00. Today's decline may relate to the miner and two former executives being accused of fraud by the Securities and Exchange Commission in the United States. The issue is believed to be in regards to its Riversdale Mining acquisition in Mozambique. Rio Tinto acquired the business for A$3.9 billion in 2011 and subsequently sold it for just US$50 million.
The St Barbara Ltd (ASX: SBM) share price has given back some of yesterday's gain and is down almost 3% to $2.89. The gold miner's shares rose over 11% on Wednesday after being the subject of a positive broker note from Deutsche Bank. I suspect some traders will be taking profit today. Which might be a good idea given the positive outlook for interest rate rises in the United States.
