In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its charge higher and is up a solid 0.5% to 5,915 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have dropped lower:
The Boral Limited (ASX: BLD) share price has plunged 8% lower to $6.90 after the building materials company warned that profits from its North American and Australian businesses were lower than expected during the March quarter. Management pointed to unfavourable weather conditions as being partly to blame for the underperformance.
The Fortescue Metals Group Limited (ASX: FMG) share price is down almost 4% to $4.50 following the release of the iron ore miner’s latest quarterly update. That update revealed a sizeable quarter-on-quarter decline in the amount of iron ore mined and shipped. One bright spot, however, was management advising that it believes its low-grade iron ore could be coming back into favour after Chinese steel mill profit margins slipped.
The Kogan.com Ltd (ASX: KGN) share price has continued its decline and is down a further 7% to $7.07. On Monday the e-commerce company released its quarterly update which revealed an operating cash loss of $635,000 for the quarter ending March 31 2018. Management has attributed the weak third quarter cash flow to timing differences between receivables and payables. Kogan could be worth a closer look after its sizeable decline.
The South32 Ltd (ASX: S32) share price has tumbled almost 9% to $3.61. The diversified miner has come under heavy selling pressure today after the aluminium price gave back a good portion of its recent gains. According to the London Metals Exchange, the aluminium price fell 8.5% overnight to US$2,278 per tonne. Prices sank lower after the Trump administration signalled that it could ease sanctions against Russian aluminium producer Rusal. South32’s shares are still notably higher month-to-date.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Kogan.com ltd. 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 Scott Phillips.