The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to end its winning streak and is down 0.5% to 6,029 points in afternoon trade.
Four shares that have weighed heavily on the index today are listed below. Here’s why they have tumbled lower:
The Bega Cheese Ltd (ASX: BGA) share price has fallen 4% to $7.02 following the release of its half-year results. Although the result was largely in line with expectations, I suspect some investors had been forecasting an outperformance judging by its strong share price gain in the run up to the release.
The Harvey Norman Holdings Limited (ASX: HVN) share price has plunged 14% lower to $3.94. This morning the retailer reported a 19% fall in half-year net profit after tax to $208 million. Harvey Norman also cut its dividend by 14% to 12 cents per share. In addition to this, the perplexing dairy farm joint venture hasn’t gone well. The company has made a $21 million impairment on the joint venture on top of its $4.5 million operating loss.
The Ramsay Health Care Limited (ASX: RHC) share price is down 5% to $64.49 after the private hospital operator’s half-year results fell short of expectations. While Ramsay’s local operations performed well, its UK and France based operations weighed heavily on its results. I was disappointed with Ramsay’s result and would class it as a hold now.
The Vita Group Limited (ASX: VTG) share price has fallen 7.5% to $1.56. This morning the retail company posted a 48% drop in half-year profit to $11.2 million. It also sliced its dividend in half to 4.7 cents per share. While the fall in profits was expected, I suspect shareholders had been hopeful that its dividend cut would have been less severe. Despite its sizeable decline today and over the last 12 months, I don’t think Vita is particularly cheap and would suggest investors avoid it.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ramsay Health Care Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.