It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 1.2% to 5,824.5 points.
Four shares that have fallen more than most today are listed below. Here's why they have started the week in the red:
The Domain Holdings Australia Ltd (ASX: DHG) share price is down 7% to $2.57. The property listings company's shares have come under significant pressure over the last couple of trading days following the release of a disappointing trading update. One broker that didn't like what it saw was Citi, which retained its sell rating and cut the price target on its shares to $2.50.
The Evolution Mining Ltd (ASX: EVN) share price is down 2% to $2.95. This morning Evolution released its quarterly update and revealed production of 200,218 ounces of gold at an all-in sustaining cost (ASIC) of A$886 an ounce. This meant production was down slightly quarter-on-quarter, while costs rose 4.6%.
The Michael Hill International Ltd (ASX: MHJ) share price has plunged almost 26% to 67.5 cents after the release of a disappointing quarterly update after the market closed on Friday. According to the release, in the September quarter Michael Hill saw its global sales fall 8.8% on the prior corresponding period to $122.9 million. Management has accepted the blame for the poor performance. It admitted that it underestimated the marketing and promotional activities required to support its strategic shift away from a reliance on discount-based pricing.
The Praemium Ltd (ASX: PPS) share price has tumbled 5.5% to 90.7 cents following the release of the fintech company's quarterly funds under administration (FUA) update. In the first quarter of FY 2019 Praemium's FUA reached $8.6 billion, up 3.6% on the end of FY 2018. Investors appear concerned by the slowdown in its FUA growth. Annualised, this would be growth of 14.4%, compared to 35% growth in FY 2018.
