After a positive start to the day, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has started to fade in early afternoon trade. At the time of writing the benchmark index is down 0.5% to 5,703.2 points.
Four shares that have fallen more than most today are listed below. Here’s why they have dropped lower:
The Aveo Group (ASX: AOG) share price has fallen 6% to $1.60. The retirement communities company’s shares have come under pressure for a second day in a row after being downgraded by analysts at Macquarie this morning. The broker was disappointed with Aveo Group’s sales guidance downgrade on Wednesday and doesn’t expect trading conditions to improve in the near term.
The FBR Ltd (ASX: FBR) share price has given back a lot of yesterday’s gains and is down 9.5% to 19 cents. The robotics company’s shares rocketed higher yesterday after it revealed that it has successfully demonstrated its robotic home building technology by building a 180-metre squared, 3-bedroom, 2-bathroom home structure in less than the targeted total elapsed time of three days. Day traders appear to be taking profit today.
The Maca Ltd (ASX: MLD) share price has crashed 27% lower to 85.5 cents after the mining and civil construction company provided a market update at its annual general meeting. Due largely to a tightening labour market, the company advised that it has experienced margin pressure in its core mining division. As a result, first half net profit after tax is expected to be approximately $7 million to $9 million. This compares to $12 million in the prior corresponding period, which itself was down 28% from a year earlier.
The Syrah Resources Ltd (ASX: SYR) share price has dropped almost 3% to $1.73 despite there being no news out of the graphite miner. Its shares have now fallen by almost 16% since this time last week. Prior to that Syrah’s shares had been strong performers following news that production had recommenced at Balama and that the company had signed a sales agreement with Qingdao Taida-Huarun New Energy Technology.
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