In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is mostly flat at 5,937 points due largely to declines in the banking sector.
Four shares which have acted as a drag on the market today are listed below. Here’s why they have dropped lower:
The Aconex Ltd (ASX: ACX) share price has fallen 3% to $5.02 despite there being no news out of the software-as-a-service company. But with its shares up over 25% in the last 30 days, I suspect today’s decline is a case of profit taking. Especially with its annual general meeting just under a week away.
The Bank of Queensland Limited (ASX: BOQ) share price has tumbled 5.5% to $12.49. While general weakness in the banking sector has weighed on its shares today, the majority of its decline can be attributed to its shares going ex-dividend this morning. Bank of Queensland’s fully franked 46 cents per share final dividend will be paid to shareholders on November 23.
The Harvey Norman Holdings Limited (ASX: HVN) share price has given back most of yesterday’s gains and has fallen 4% to $3.83. The retailer’s shares rose strongly on Wednesday after ASIC advised it would not look into its accounting practices. It appears as though some shareholders have used this as an opportunity to take profit.
The National Australia Bank Ltd. (ASX: NAB) share price has fallen almost 3% to $31.98 following the release of its full-year results. Despite the bank posting a $6.6 billion cash profit, the market appears to have responded negatively to the reshaping of its workforce. This is expected to lift its expenses by up to 8% in FY 2018.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of ACONEX FPO and National Australia Bank Limited. 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.