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.
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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.