In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to start the week with a move lower. At the time of writing the benchmark index is down 0.3% to 5,820 points.
Four shares which have fallen more than most today are listed below. Here's why they have started the week in the red:
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is down 2.5% to $10.94 following the release of its half-year results. Investors appear to be underwhelmed by the regional bank's cash earnings per share of 46.8 cents. This was a 3.3% increase on the prior corresponding period. As well as this, the commencement of the Royal Commission today has weighed on the banking sector's performance.
The JB Hi-Fi Limited (ASX: JBH) share price has tumbled 7.5% to $25.97 despite reporting a 25% increase in half-year earnings before interest and tax. Although its results came in slightly ahead of the market's expectations, its outlook was weaker than expected after comparable store sales reversed during January. Harvey Norman Holdings Limited (ASX: HVN) shares are down 4% on the news.
The Myer Holdings Ltd (ASX: MYR) share price has plunged 6.5% to 54.7 cents. Today's decline could be related to a broker note out of Deutsche Bank which revealed that its analysts have downgraded the retailer's shares to a sell rating with a 45 cents price target. The broker is concerned that its sales decline may not be easily fixed and that its balance sheet is looking especially pressured right now. I would heed Deutsche's advice and stay clear of Myer's shares.
The Regis Resources Limited (ASX: RRL) share price is down 4% to $3.86 after the gold price tumbled lower. Almost all of Australia's gold miners are in the red today after the gold price extended its February decline to approximately 2%. It has started to recover over the last few hours, but I suspect that the prospect of rising interest rates will mean this rebound is short-lived.
