The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to have a solid finish to the week. In afternoon trade the benchmark is up 0.7% to 5,991 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are ending the week in the red:
The Nanosonics Ltd. (ASX: NAN) share price is down 11% to $2.66 after the release of a disappointing half-year result. It is, however, worth noting that the infection control specialists' 90% decline in half-year net profit was due largely to a sizeable one-off tax benefit in the prior corresponding period. I think the share price drop could arguably be a buying opportunity.
The Orocobre Limited (ASX: ORE) share price has fallen 2.5% to $6.49. This morning the lithium miner announced a half-year profit after tax of US$8.2 million, up 10.8% from US$7.4 million in the prior corresponding period. Investors may have been disappointed by its rising production costs which meant that it failed to profit as greatly on the improved lithium prices.
The Platinum Asset Management Limited (ASX: PTM) share price has slumped 13.5% to $6.76. Although the fund manager announced a solid 7% increase in half-year profit to $102.2 million, investors have focused on the decision of Kerr Neilson to stand down as Platinum's CEO. Mr Neilson will remain at the company as an executive director, with Andrew Clifford, Platinum's chief investment officer, succeeding him.
The Woolworths Group Ltd (ASX: WOW) share price has fallen 2.5% to $26.99. This morning Woolworths released its half-year results which revealed a 14.7% increase in first-half net profit after tax from continuing operations to $902 million. Once again, the BIG W business weighed on its results, posting a $10 million loss for the period. Thankfully this was offset by a strong performance from its Australian Food business.
