In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to rebound from two consecutive days in the red. At the time of writing the benchmark index is up 0.2% to 6,139.4 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Altura Mining Ltd (ASX: AJM) share price has fallen 4% to 24.5 cents despite there being no news out of the lithium miner. However, yesterday the lithium miner’s shares were one of three in the industry to inexplicably rocket higher on the back of no news. I suspect that profit taking may be weighing on its shares today.
The Freedom Insurance Group Ltd (ASX: FIG) share price has plunged a massive 23% to 10 cents following the release of its strategic review after the market closed on Tuesday. The Freedom Insurance board has decided to implement a restructuring of its insurance business. This will result in the immediate suspension of new business sales of all direct insurance products. While it will continue to service and renew its in force book of policies, it is unclear how much damage the Royal Commission has done to its book.
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen almost 4% to $3.73. Today’s decline is likely to be attributable to a broker note out of Morgan Stanley. According to the note, the broker has reinstated coverage on the iron ore producer with an underweight rating and $3.30 price target. The broker appears concerned with the price discount it is experiencing for its low grade produce.
The Silver Chef Limited (ASX: SIV) share price is down over 7% to $1.92. Investors have been heading to the exits in a hurry after the release of its results on Monday. As well as its results, the company revealed that its lenders have granted it another waiver for breaching its financial covenants. However, the waiver has been extended until March 31, conditional on a successful minimum capital raising of $45 million.
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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.