In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has disappointingly slipped under the 6,000 points level for the first time since mid-December. At the time of writing the benchmark index is down 0.15% to 5,997 points.
Four shares which have weighed on the market today are listed below. Here's why they have started the week in the red:
The Australian Pharmaceutical Industries Ltd (ASX: API) share price has fallen almost 4% to $1.47 following the release of a trading update. Due largely to suppressed retail conditions experienced by its Priceline brand, first-half net profit after tax is expected to come in 9% lower than the prior corresponding period at $26.5 million. Management does, however, expect full-year profit to be slightly above FY 2017's result.
The Domain Holdings Australia Ltd (ASX: DHG) share price has plunged 11% to $2.95 following the shock resignation of its CEO Antony Catalano. According to the release, Mr Catalano has tendered his resignation just two months after its spin-off due to family commitments. Domain also took this opportunity to advise that its total revenue has grown 13% compared to the prior corresponding period.
The Fairfax Media Limited (ASX: FXJ) share price is down almost 7% to 67.2 cents following the aforementioned departure of Antony Catalano from its spun-off Domain business. Fairfax Media's shares are down today due to the company's holding in the property listings company. At the time of the spin-off in November, Fairfax Media was left with a 60% stake in Domain Holdings Australia.
The Mayne Pharma Group Ltd (ASX: MYX) share price has tumbled almost 5.5% to 70.5 cents. The pharmaceutical company's shares have rallied strongly over the last couple of weeks on the back of no news. In light of this, I suspect that today's decline could be a case of profit taking from day traders.
