In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down a disappointing 0.25% to 5,737 points.
Four shares that have weighed heavily on the market today are listed below. Here's why they have sunk like stones:
The Afterpay Touch Group Ltd (ASX: APT) share price has fallen almost 7% to $5.60 despite the release of a company update this morning. That update attempted to quash any concerns the market had over its business model and planned insider selling. Although Afterpay's shares initially rebounded, the bounce has proven to be only short-lived.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price returned to trade today and is down a sizeable 18% to $8.56. Blue Sky provided a rebuttal to a note out of Glaucus last week alleging that it was overvaluing assets and returns. Blue Sky's response doesn't appear to have convinced investors to stick with the company. I would suggest that investors stay well clear of Blue Sky whilst this saga is ongoing.
The G8 Education Ltd (ASX: GEM) share price is down 10% to a multi-year low of $2.34. Today's decline appears to relate to a broker note out of Morgan Stanley this morning. That note revealed that its analysts had downgraded the childcare operator to an equal-weight rating and slashed the price target on its shares from $4.25 to $2.80.
The Lovisa Holdings Ltd (ASX: LOV) share price has tumbled 8% to $9.21 after the shock resignation of the fashion jewellery company's CEO. According to the release, Steve Doyle has resigned as the company's CEO to pursue other interests and will be stepping down from the role on April 20. The good news is that this resignation clearly isn't performance related. Management provided a trading update which revealed that its growth has accelerated since its half-year results. Investors may want to consider buying on this weakness.
