The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday's decline and is up a solid 0.5% to 5,933 points in afternoon trade.
Four shares that have acted as a drag on proceedings today are listed below. Here's why they have slumped lower:
The Amaysim Australia Ltd (ASX: AYS) share price has fallen 5.5% to $1.31. The junior telco company's shares have risen strongly since Tuesday after it emerged that major shareholder Investmentaktiengesellschaft Fuer Langfristige Investoren TGV (TGV) has increased its stake in the company. According to the release, TGV upped its stake to 12%. Traders may have decided to lock in some of these gains today.
The BHP Billiton Limited (ASX: BHP) share price has fallen 2% to $28.81. Today's decline is due entirely to the mining giant's shares going ex-dividend this morning for its interim 55 U.S. cents per share dividend. Eligible shareholders can now look forward to receiving this distribution in their nominated accounts on March 27. I think now could be an opportune time to snap up BHP Billiton's shares.
The Tegel Group Holdings Ltd (ASX: TGH) share price has tumbled 7% to 88.5 cents after the poultry company provided the market with an earnings guidance update. According to the release, due partly to the impact that cyclone Gita had on its New Plymouth processing plant, net profit after tax is expected to be between $25 million and $27 million in FY 2018. This compares to the net profit after tax of $31.7 million it achieved in FY 2017.
The Think Childcare Ltd (ASX: TNK) share price has returned to trade almost 2.5% lower at $2.05. The childcare centre operator's shares had been in a trading halt whilst it conducted a $10 million capital raising to fund the acquisition of four established childcare centres. Think raised the money at $1.99 per share, a 5% discount to the previous close price.
