In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up 0.1% to 5,999 points.
Four shares which haven’t been able to follow the market higher today are listed below. Here’s why they have started the week in the red:
The Alexium International Group Ltd (ASX: AJX) share price is down 2.5% to 37 cents. This morning the chemical development company’s shares resumed trading after announcing an oversubscribed institutional placement that raised $12 million at 35 cents per share. This was a 7.9% discount to last Wednesday’s closing price.
The Mineral Resources Limited (ASX: MIN) share price has sunk 6% lower to $16.74 after announcing a takeover offer for energy company AWE Limited (ASX: AWE). The all scrip offer is worth the equivalent of 80 cents per share to AWE shareholders. It seems as though Mineral Resources’ shareholders don’t see value in the proposal.
The Retail Food Group Limited (ASX: RFG) share price has plunged 21% to $3.48 after a series of negative articles by Fairfax Media Limited (ASX: FXJ) spooked investors. Management believes that the company’s situation is not accurately reflected in the Fairfax Media’s coverage.
The Treasury Wine Estates Ltd (ASX: TWE) share price has fallen 2% to $15.89. Although there was no news out of the wine company today, it was named by Citi as a share to sell last week. The broker has a $10.90 price target on its shares, over 31% lower than the current share price.