It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index has followed U.S. markets lower and is down 0.4% at 6,277.2 points.
Four shares that have fallen more than most today are listed below. Here's why they are starting the week in the red:
The Ardent Leisure Group (ASX: AAD) share price has fallen 4% to $1.93 after the entertainment company released a trading update. According to the release, the Dreamworld operator expects to report revenue of between $545 million and $550 million in FY 2018. This compares to $585 million in FY 2017. Furthermore, due to non-cash valuation adjustments and impairment charges totalling $117 million, management expects to post a loss after tax in the range of $84 million and $94 million.
The HUB24 Ltd (ASX: HUB) share price has continued its slide and is down a further 5% to $11.44. The fintech company's shares have lost 20% of their value in less than two weeks amid concerns that a price war is brewing between many of Australia's leading investment management platform providers.
The Sandfire Resources NL (ASX: SFR) share price has plunged over 8% to $7.49 after the diversified miner was the subject of a number of broker notes. One that stood out and could be the catalyst for today's decline is a note out of UBS declaring it a sell with a lowered price target of $7.20. While last week's production result was ahead of its expectations, it doesn't appear convinced that the level of production will be maintained in FY 2019.
The Syrah Resources Ltd (ASX: SYR) share price is down 6% to $2.93 following the release of its quarterly update. Although production increased in the second quarter of 2018, it won't be enough for Syrah to meet its full-year guidance. In addition to this, Syrah has only managed to sell 72% of its production and at a lower price than inferred by external price reporters.
