The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week with a day in the red. In afternoon trade the index is down almost 0.2% to 6,082 points.
Four shares that have fallen more than most today are listed below. Here's why they are ending the week in the red:
The A2 Milk Company Ltd (ASX: A2M) share price has fallen 5% to $10.20. Investors appear to have responded negatively to a note out of Citi yesterday which downgraded the fast-growing dairy and infant formula company's shares to a neutral rating. The broker appears to be concerned over reseller price reductions that it has seen.
The Bellamy's Australia Ltd (ASX: BAL) share price has continued its decline and is down a further 4% to $16.00. The infant formula company's shares have now fallen by over 16% since a2 Milk Company released its sales guidance. When the dust settles I feel this could be a buying opportunity for investors.
The Fleetwood Corporation Limited (ASX: FWD) share price has fallen 4.5% to $2.09. After the market closed on Thursday Fleetwood released a shareholder letter advising that a general meeting of shareholders may soon be called by a substantial shareholder. This meeting is not supported by the board. It appears as though the disgruntled substantial shareholder is not happy with the way the company is being run and is seeking to appoint someone to the board.
The NIB Holdings Limited (ASX: NHF) share price has tumbled 5% lower to $5.56. Today's decline is likely to be attributable to reports in The Australian that private hospital insurance coverage has fallen to its lowest level since June 2011. This follows a survey earlier this week by Roy Morgan which found that over 250,000 people decided not to renew their private health insurance in the 12 months to March 2018. Over half of those surveyed blamed costs for the reason behind their non-renewal.
