In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week with a solid gain. At the time of writing the benchmark index is up almost 0.6% to 5,964 points.
Four shares which haven't been able to follow the market higher today are listed below. Here's why they are ending the week in the red:
The a2 Milk Company Ltd (Australia) (ASX: A2M) share price has fallen 2% to $7.41 despite there being no news out of the dairy company. But with its annual general meeting due later this month, it appears as though some investors are concerned that its growth may not justify the recent share price gain.
The Freedom Insurance Group Ltd (ASX: FIG) share price has plunged 30% to 49 cents following the release of a business update. A combination of lower sales and high operating costs means that first-half profit could be as much as 32% lower compared to the prior corresponding period. While management expects the company to return to growth in the second-half, it hasn't been enough to convince some shareholders to stick around.
The Mayne Pharma Group Ltd (ASX: MYX) share price has tumbled 5% to 63.7 cents. Today's decline is likely to be attributable to the release of a disappointing quarterly result from generic drugs giant Teva Pharmaceutical overnight. Teva's shares fell 20% after it reported a 37% decline in quarterly profit by its Generic Drugs segment and lowered its full-year guidance.
The Nanosonics Ltd (ASX: NAN) share price is down 2% to $2.82 following the release of its annual general meeting presentation. I felt the update was a positive one with little to be negative about, so today's decline may be due to selling from traders that were hoping for an earnings upgrade.
