In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is up almost 0.4% to 5,837 points.
Four shares that have acted as a drag on the market today are listed below. Here's why they are on course to end the week in the red:
The Bellamy's Australia Ltd (ASX: BAL) share price has fallen 4% to $20.36. Some investors appear to be taking profit after the infant formula company's shares inexplicably spiked during trade on Thursday. The rise could have been down to speculation that it may get its CFDA approval soon or due to a better than expected sales result from its industry peer listed below.
The Bubs Australia Ltd (ASX: BUB) share price has dropped 2.5% to 81 cents. Like Bellamy's, this infant formula company's shares surged higher on Thursday and appears to be coming under pressure from profit taking today. In addition to this, investors may have been hoping for a better response to its latest sales update from brokers. A note out of Morgans reveals that its analysts have retained their hold rating and 75 cents price target. Morgans wants to see stronger organic growth before considering a change to its rating.
The LiveHire Ltd (ASX: LVH) share price has fallen 5% to 75 cents despite there being no news out of the talent technology company. This latest decline means that its shares have lost almost 12% of their value since the release of a business update last week. That update revealed some big client wins, but was short on financial information.
The Netwealth Group Ltd (ASX: NWL) share price is down 4.5% to $6.02 following the release of its quarterly update. During the March quarter Netwealth saw its funds under administration rise to $16 billion. Net funds flow for the quarter came in at $879 million, but unfavourable market movements equating to $307 million reduced its increase to $572 million on the prior quarter.
