The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is up 0.1% to 5,921 points.
Four shares which haven’t been able to follow the market higher today are listed below. Here’s why they are on course to end the week in the red:
The AMP Limited (ASX: AMP) share price has fallen almost 2% to $4.95 following the release of its third-quarter update. According to the release, AMP’s Australian wealth management saw net cash outflows of $243 million during the quarter due to high levels of discretionary super contributions brought forward into the second-quarter ahead of changes to non-concessional caps.
The Qantas Airways Limited (ASX: QAN) share price is down 5.5% to $5.95 on the day of its annual general meeting. Despite CEO Alan Joyce reiterating that the airline is on course for another successful year despite rising fuel costs, it wasn’t enough to stop some shareholders from heading to the exits. As I mentioned yesterday, fuel costs are expected to rise by $170 million in FY 2018.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has tumbled 7.5% to $1.37. The majority of Australia’s gold miners are in the red today after the gold price fell overnight. At present the spot gold price is fetching US$1,267 an ounce, down over 1% from this time yesterday.
The Vita Group Limited (ASX: VTG) share price has fallen 10.5% to $1.41 following its annual general meeting. At the meeting management provided FY 2018 EBITDA guidance of between $36 million and $43 million. This will be a disappointing decline of between 34% and 43% year-on-year. While it looks cheap, I would stay clear of the embattled retailer.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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