In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make a solid gain. At the time of writing the benchmark index is up 0.5% to 6,174 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are sinking lower:
The Clearview Wealth Ltd (ASX: CVW) share price has sunk 8% lower to 93.5 cents. On Monday Clearview Wealth was on the stand at the Royal Commission. The financial services company admitted it may have broken the law up to 303,000 times by cold calling people to sell its life insurance products. I would suggest investors stay clear of Clearview Wealth despite the sharp decline in its share price today.
The Gold Road Resources Ltd (ASX: GOR) share price has dropped almost 2.5% to 61.5 cents. This morning the gold exploration company released its half year report. Gold Road Resources reported a loss before finance and tax of $5.3 million in the first half. But this was expected as the company has not yet commenced production at its Gruyere project. Management expects to commence production in the June 2019 quarter.
The Inghams Group Ltd (ASX: ING) share price is down almost 3.5% to $3.71. Today’s decline is almost entirely attributable to its shares going ex-dividend this morning for its final dividend of 11.6 cents per share. Eligible shareholders can look forward to receiving this dividend in their nominated account on October 4.
The Myer Holdings Ltd (ASX: MYR) share price has fallen 2% to 44.2 cents. It appears that some investors are closing positions ahead of the department store’s full year results release on Wednesday. All eyes will be on the progress of the retailer’s turnaround strategy. Unfortunately for its long-suffering shareholders, I’m not anticipating anything special from Myer’s results release tomorrow morning.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.
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