The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is down a disappointing 0.6% to 6,040 points in afternoon trade.
Four shares which have fallen more than most today are listed below. Here's why they have sunk lower:
The Credit Corp Group Limited (ASX: CCP) share price has fallen 6% to $22.41 despite the release of a strong first-half result. According to the release, Credit Corp achieved an 18% increase in first-half net profit after tax to $29.8 million. Investors may be disappointed that management still only expects full-year profit growth in the range of 12% to 16%.
The Navitas Limited (ASX: NVT) share price has dropped almost 7% to $4.88 after the education company released its half-year results. Navitas reported a disappointing 53.6% drop in first-half profit after tax from ordinary activities. The company has, however, managed to maintain its interim dividend at 9.4 cents per share despite the drop in profits. Despite this, I would suggest investors stay clear of Navitas even after its sharp decline.
The Liquefied Natural Gas Ltd (ASX: LNG) share price is down almost 7% to 56 cents. This morning the energy company released its second-quarter update which revealed that discussions with potential offtake partners are still ongoing. Investors appear to be disappointed with the slow progress being made in this regard. Management has stated that it remains confident in its ability to sign offtake agreements with credit-worthy buyers.
The Village Roadshow Ltd (ASX: VRL) share price has plunged 10% to $3.70 following the release of a disappointing trading update. The entertainment company advised that after a weak first-half it expects FY 2018 net profit after tax before material items and discontinued operations to be in the range of $12 million to $17 million. Management has blamed a weak box office and the Dreamworld tragedy for its disappointing performance.
