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Why these 4 ASX shares are sinking lower today

After a soft start to the day the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has pushed higher in afternoon trade. At the time of writing the index is up 0.1% to 6,306.2 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they have sunk lower:

The Challenger Ltd (ASX: CGF) share price has dropped a further 4% to $11.13. Investors have been hitting the sell button in a hurry after the annuities company’s full-year results came in below expectations on Tuesday. One broker that wasn’t overly impressed was Credit Suisse. It has downgraded Challenger’s shares to a neutral rating from outperform. It also reduced the price target on Challenger’s shares to $12.00, though this is still a fair bit higher than the current share price.

The Huon Aquaculture Group Ltd (ASX: HUO) share price has plunged almost 9% to $4.31 after the salmon and trout producer released its full-year results. Huon reported a net profit after tax of $26.4 million, down 37% from $42.2 million in FY 2017. This was driven largely by a decline in the fair value adjustment of its biological assets. Management also warned that harvest volumes for FY 2019 would be considerably lower, though it is optimistic that stronger pricing will offset this.

The iSelect Ltd (ASX: ISU) share price has fallen almost 4.5% to 78 cents. Investors appear to be undecided on the price comparison company’s prospects this year after a disastrous FY 2018. Yesterday’s results release revealed a 62% drop in profits but a reasonably positive start to the new financial year.

The Pact Group Holdings Ltd (ASX: PGH) share price has been crushed and is down 17% to $4.42. This morning the packaging company posted a full-year statutory net profit after tax of $74 million on sales revenue of $1,674 million. This was a decline of 18% and an increase of 13%, respectively, on last year’s result. While this was disappointing, management’s guidance for FY 2019 appeared to be reasonably solid. It expects EBITDA (before significant items) between $270 million and $285 million, compared to FY 2018’s $237 million.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.