The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a mixed start to the week and finds itself down by close to 0.1% at 6,082 points in afternoon trade.
Four shares that have acted as a drag on the market today are listed below. Here's why they have started the week in the red:
The Asaleo Care Ltd (ASX: AHY) share price has fallen 7% to $1.33 after the release of a broker note out of Credit Suisse. According to the note, the broker has downgraded the personal care products company's shares to an underperform (sell) rating with a $1.30 price target. Due partly to rising pulp costs, its analysts have downgraded their earnings estimates for Asaleo Care through to 2020.
The Flinders Mines Limited (ASX: FMS) share price has returned to trade with a 16% decline to 8.4 cents. This morning Flinders Mines announced that it was retracting its production target at the Pilbara iron ore project and provided a summary of its maturation programme findings. In respect to the latter, base case metallurgical processing test work indicates that the project detrital resource material experiences significantly lower yields than non-detrital ores.
The Somnomed Limited (ASX: SOM) share price has tumbled over 7% to $2.53 despite there being no news out of the sleep treatment company. At one stage SomnoMed's shares were down as much as 10.5% to a 52-week low of $2.45. Its shares have come under pressure this year after a weaker than expected first-half result due to the underperformance in its core business in North America and a slower than expected take off trajectory of all Renew Sleep Solutions centres.
The Wattle Health Australia Ltd (ASX: WHA) share price has fallen 27% to $1.65 after returning to trade after a six-week suspension. This morning Wattle Health announced a $77.9 million funding package for the Corio Bay Dairy Group joint venture with Organic Dairy Farmers of Australia. $37.9 million of this will be raised through a 1 for 5 pro rata non-renounceable entitlement offer at $1.25 per share. This is almost 45% lower than the last close price.
