The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to bounce back from yesterday's decline. In afternoon trade the benchmark index is up 0.15% to 5,853 points.
Four shares that have failed to follow the market higher on Thursday are listed below. Here's why they have tumbled lower:
The BWX Ltd (ASX: BWX) share price has dropped 5% to $1.54 despite there being no news out of the personal care products company. This means it has given back the majority of the gains it made on Wednesday. BWX's shares were one of the best performers on the All Ordinaries yesterday with a gain of over 9%. I suspect that this volatility is likely to be down to day trading.
The Challenger Ltd (ASX: CGF) share price has continued its slide and is down almost 2% to $7.50. The annuities company's shares were hammered on Wednesday after it downgraded its full year earnings guidance following a tough start to FY 2019. This led to Citi downgrading its shares to a neutral rating and cutting its price target by almost 36% to $8.40.
The Galaxy Resources Limited (ASX: GXY) share price has dropped 5% to $2.12 after releasing its December quarterly update. During the quarter the lithium miner experienced a massive 30% quarter on quarter decline in its average cash margin. Unfortunately, things may get worse before they get better. Management advised that there has been a further reduction in the contracted price of spodumene so far in 2019.
The Regis Resources Limited (ASX: RRL) share price is down 5.5% to $4.68. This decline appears to be attributable to a broker note out of Credit Suisse this morning. According to the note, the broker has downgraded the gold miner's shares from an outperform rating to underperform with a $4.45 price target. Credit Suisse made the move on valuation grounds.
