The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a strong start to the day but has faded in afternoon trade. At the time of writing the index is up slightly to 5,914 points.
Four shares that have acted as a drag on proceedings today are listed below. Here's why they are ending the week in the red:
The Ansell Limited (ASX: ANN) share price has fallen 2.5% to $23.70. Earlier this week Ansell reported a sizeable 26% increase in half-year earnings per share and an interim 26.3 cents per share dividend. Its shares went ex-dividend this morning, adding a bit of pressure to its share price during Friday's trade.
The Newcrest Mining Limited (ASX: NCM) share price is down 3% to $22.35 after the gold miner released a disappointing half-year report late on Thursday afternoon. One broker that wasn't impressed was Deutsche Bank. Its analysts have retained their sell rating and $20.00 price target on the gold mining giant after its earnings fell short of expectations. I think Newcrest is a sell due to the prospect of rising U.S. rates and widening risk-free bond yields.
The South32 Ltd (ASX: S32) share price is off almost 6% to $3.30. At one stage the mining giant's shares fell as much as 10% after a broker note out of the equities desk of Macquarie revealed that its analysts had downgraded South32 to an underperform rating. The broker also cut its price target down to $3.10 from $3.70 amid concerns over rising costs and lower commodity prices in the second-half.
The Star Entertainment Group Ltd (ASX: SGR) share price has plunged 5% to $5.74 after the release of a disappointing half-year result. Although the casino and resort operator delivered growth in revenue across all its businesses, this was undone by a lower than normal VIP win rate. As a result, first-half statutory net profit after tax fell 76.8% on the prior corresponding period to $33 million. I think this result demonstrates why an investment in casino operators is quite literally a bit of a gamble.
