The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of U.S. markets and pushed notably higher on Tuesday. In afternoon trade the index is up almost 0.5% to 6,206.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are sinking lower:
The Australian Pharmaceutical Industries Ltd (ASX: API) share price has sunk 5% lower to $1.50. The pharmacy chain operator and distributor's shares have fallen hard this week after one of its rivals lost a key supply contract to EBOS Group Ltd (ASX: EBO). Investors may be concerned that the Priceline operator could be next to lose customers to EBOS' competitive offering.
The AVZ Minerals Ltd (ASX: AVZ) share price is down almost 5% to 10 cents despite the fact the embattled mineral exploration company announced that drilling has demonstrated continuity of the weathered pegmatite west of the Roche Dure pit at its Manono project. It appears some investors were expecting better from the drilling results. I would stay clear of AVZ Minerals until there is at least confirmation that the project will go ahead.
The Insurance Australia Group Ltd (ASX: IAG) share price has fallen 3% to $8.20 despite there being no news out of the insurance giant. However, a report in the AFR today suggested that Insurance Australia Group could be set for a public relations nightmare when it faces the Royal Commission in September. Some investors appear to be locking in gains now in case its share price is negatively impacted.
The Superloop Ltd (ASX: SLC) share price has tumbled 6% lower to $2.33 a day after the release of a company update. Its shares have now fallen almost 9% since the release of the update which revealed a number of executive changes including Bevan Slattery stepping back from the CEO role into an executive director position.
