In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and pushed higher. At the time of writing the benchmark index is up 0.1% to 5,821.7 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have sunk lower:
The Alumina Limited (ASX: AWC) share price is down 3.5% to $2.28. The bauxite, alumina, and aluminium company’s shares have come under pressure today due to general weakness in the materials sector. Brexit uncertainties appear to be weighing on the sector today after British MPs voted against prime minister Theresa May’s Brexit plan.
The Orocobre Limited (ASX: ORE) share price is 3% lower at $3.25. Investors have been hitting the sell button ahead of the lithium miner’s quarterly update release on Thursday. Late last year Orocobre advised that it had experienced a significant decline in the sale price of its lithium. I expect management will provide an update on whether this price weakness has continued into 2019 in tomorrow’s update.
The Regis Resources Limited (ASX: RRL) share price is down approximately 3.5% to $4.75. Almost all of Australia’s leading gold miners have dropped deep into the red today after the gold price continued its decline. Now that market volatility has died down, investors appear to be selling safe haven assets like gold. This has led to the S&P/ASX All Ords Gold index falling 2.1% today.
The Senetas Corporation Limited (ASX: SEN) share price has dropped 3.5% to 8.1 cents after the encryption technology company advised that it expects to recognise an impairment to the carrying value of its unlisted investment in Smart Antenna Technologies in its first half accounts. The Senetas board intends to write down the balance sheet carrying value of the investment from $1.89 million to nil after the business went into administration.
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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.