The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped lower for a second day in a row and is down 0.3% to 6,264.8 points in afternoon trade.
Four shares that have fallen more than most today are listed below. Here’s why they are tumbling lower:
The Adelaide Brighton Ltd (ASX: ABC) share price has fallen almost 7% to $6.28 after the construction materials and lime producer released its half-year results. Adelaide Brighton delivered half-year revenue of $807.2 million and an underlying interim net profit after tax of $85.2 million. This was an increase of 11.7% and 9.8% on the prior corresponding period. Despite management guiding to full year underlying net profit after tax of between $200 million and $210 million, the market appears to have expected more.
The FlexiGroup Limited (ASX: FXL) share price is down almost 7.5% to $2.13 a day after the release of its full-year results. I suspect that today’s heavy decline could just be a case of profit taking after its shares rallied 26% higher on Tuesday. Alternatively, a broker note out of Deutsche Bank today revealed that its analysts have downgraded FlexiGroup’s shares to a hold rating from buy with a price target of $2.25.
The Primary Health Care Limited (ASX: PRY) share price has tumbled over 10% to $2.87 after the healthcare company successfully completed its institutional entitlement offer. The institutional entitlement offer raised approximately $157 million at a discount of $2.50 per share. The retail component of the entitlement offer, which has been fully underwritten, is expected to raise a further $93 million.
The Retail Food Group Limited (ASX: RFG) share price has plunged 13.5% to 58 cents. On Tuesday the embattled food and beverage company’s shares rocketed higher on the back of no news. This led to the company being hit with a price query by the ASX. The company responded by stating that it doesn’t know why its share price suddenly burst higher.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended FlexiGroup 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.