The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a positive day and has bounced back from yesterday's decline, In afternoon trade the benchmark index is up 0.4% to 6,010 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are sinking lower:
The Fluence Corporation Ltd (ASX: FLC) share price is down 4% to 37.5 cents despite there being no news out of the water solutions company. At one stage today the Fluence share price dropped to a 52-week low of 34 cents before recovering slightly. Despite a series of contract wins this year, investors have continued to head to the exits in their droves.
The Reckon Limited (ASX: RKN) share price is down 6.5% to $1.08 after accounting software company MYOB Group Ltd (ASX: MYO) announced that it would not be pursuing an acquisition of Reckon any longer after the ACCC blocked its takeover approach. The MYOB share price is down almost 8% today as well. While this could be a buying opportunity, I think there is a better option for investors in the accounting software industry.
The Retail Food Group Limited (ASX: RFG) share price has fallen almost 7% to 82.5 cents. The embattled food and beverage company's shares had rallied hard over the last few days after announcing the appointment of a new CEO. I suspect that profit taking could be weighing on its shares today. I would suggest investors stay clear of Retail Food Group and resist any temptation to buy the dip.
The Ruralco Holdings Ltd (ASX: RHL) share price has dropped around 3% to $3.08. Today's decline is entirely attributable to the agribusiness company's shares going ex-dividend this morning for its interim 9 cents per share dividend. Eligible Ruralco shareholders can now look forward to receiving this dividend in their nominated accounts on June 19.
