The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from a heavy decline in early trade and is down just 0.05% to 6,176.5 points in afternoon trade.
Four shares that have weighed on the market today are listed below. Here’s why they are tumbling lower:
The Altura Mining Ltd (ASX: AJM) share price has fallen 4% to 23.5 cents. This morning the lithium miner released its full year statutory accounts which revealed a $12.7 million loss after tax in FY 2018. This compares to a loss of $5.9 million a year earlier and was driven largely by losses on foreign exchange totalling almost $6.4 million.
The Bega Cheese Ltd (ASX: BGA) share price has tumbled 5.5% to $7.17 after the food company successfully completed a non-underwritten institutional share placement to raise approximately $200 million. Bega raised the funds at $7.20 per share, which was a 5% discount to the last close price. The funds have been raised to shore up its balance sheet after recent investments. The company hopes to raise a further $50 million through a share purchase plan, however, the share price is now lower than the offer price so it may struggle.
The Costa Group Holdings Ltd (ASX: CGC) share price has dropped over 3.5% to $6.57. This decline is partly attributable to the horticulture company’s shares going ex-dividend this morning for its 8.5 cents per share final dividend. Eligible shareholders can now look forward to receiving these funds in their nominated accounts on October 4.
The Myer Holdings Ltd (ASX: MYR) share price has plunged almost 6% lower to 41 cents after the department store operator released its full year results. Myer saw total sales decline by 3.2% to $3,100.6 million during the year, due partly to a 2.7% fall in comparable sales. One positive was that the company’s online sales continue to grow strongly and totalled $239.4 million in FY 2018. This equates to 7.7% of its total sales. While its shares look very cheap, I would suggest investors stay clear of the company until its performance improves.
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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 COSTA GRP FPO. 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.