In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has stormed higher thanks largely to gains in the banking sector. At the time of writing the index is up 1.1% to 5,936.2 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have tumbled lower:
The Berkeley Energia Ltd (ASX: BKY) share price fell 30% to 33.5 cents before being placed in a trading halt. The trading halt was requested so that the uranium company could prepare a response to recent media articles relating to its Salamanca mine. According to CNBC, the Spanish government has decided not to deliver the permits necessary to open the European Union’s only open-cast uranium mine.
The Jatenergy Ltd (ASX: JAT) share price is down over 10% to 6.2 cents. On Tuesday the infant formula company’s shares doubled in value after the release of its quarterly update. According to the release, the company saw its cash receipts from sales increase from $320,000 in the June quarter to $10.7 million in the September quarter. However, product manufacturing and operating costs rocketed to $15.4 million during the quarter, leading to a net operating outflow of $5.5 million.
The Reject Shop Ltd (ASX: TRS) share price has plunged 35% lower to $2.89 following the release of a disappointing trading update. For the first 15 weeks of FY 2019, the discount retailer has seen comparable store sales fall 2.4% compared to the prior corresponding period. This follows a severe deterioration in its sales over the last 8 weeks.
The St Barbara Ltd (ASX: SBM) share price has dropped 3% to $3.87. While most gold miners are sinking lower today as investors move back to risk on assets, St Barbara has fallen more than most following the release of its quarterly update. Investors appear disappointed that St Barbara reported consolidated quarterly gold production of 98,547 ounces in the first quarter of FY 2019 compared to 119,436 ounces in the fourth quarter of FY 2018.
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