The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its early gains but still finds itself higher by 0.1% at 6,073 points in afternoon trade.
Four shares acting as a drag on the market today are listed below. Here’s why they are ending the week in the red:
The Experience Co Ltd (ASX: EXP) share price is down almost 9% to 77.5 cents after the adventure company advised of a tragic incident at its NZONE Skydive operation in Queenstown, New Zealand on Wednesday. A man from the United States is missing, presumed drowned, after landing in Lake Wakatipu. This is the second tragedy in the space of three months to hit the company.
The Fairfax Media Limited (ASX: FXJ) share price has fallen 2.5% to 74.7 cents after its CEO disposed of over 4.5 million options and 2.5 million performance rights. However, this was disclosed at its annual general meeting so shouldn’t have come as a surprise to shareholders today.
The Incitec Pivot Ltd (ASX: IPL) share price has dropped 4% to $3.70 after announcing the loss of the Roy Hill Iron Ore contract. Management expects the loss to impact its net profit after tax of approximately $5 million in FY 2018, $16 million in FY 2019, $22 million in FY 2020, $18 million in FY 2021, and $20 million in FY 2022.
The Nearmap Ltd (ASX: NEA) share price has given back a lot of yesterday’s gains and is down 3.5% to 68 cents. Investors may have taken issue with the way the aerial imagery company presented its half-year update yesterday. Group annualised contract value grew 31% on the prior corresponding period, whereas Nearmap bizarrely chose to highlight its change in growth of 53% instead.
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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 and has recommended Nearmap Ltd. 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.