In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from a soft start and pushed higher. At the time of writing the benchmark index is up 0.4% to 6,288.6 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are ending the week in the red:
The BHP Billiton Limited (ASX: BHP) share price has given back a lot of yesterday's gains and is down 2% to $32.95. Declines in commodity prices overnight have weighed heavily on a lot of materials shares on Friday. The copper price tumbled to a one-year low amid concerns that a trade war could stifle global economic growth.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has plunged almost 11% lower to $1.74 despite there being no news out of the embattled asset manager. Blue Sky's shares have been rising strongly this week on the back of news that Shaw and Partners placed a buy rating and $2.50 price target on them. I suspect this decline could be a case of profit taking and would urge investors to resist buying the dip.
The Domino's Pizza Enterprises Ltd (ASX: DMP) share price has fallen over 3% to $48.77 after its US parent released a softer than expected second quarter result. Comparable sales at international franchised stores grew 4% during the quarter, compared to the market's expectations of 5.3%. Some investors appear to have interpreted this as a sign that the locally listed Domino's could have underperformed over the last three months.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is down 3.5% to $1.99. Almost all gold miners have dropped lower today after the spot gold price fell for the fifth day in a row. At present the spot gold price is fetching US$1,218 an ounce. The precious metal touched on a 2018 low of US$1,212 an ounce in earlier trade. Rising interest rates and a strengthening greenback have weighed on the gold price.
