In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to start the week on a negative note. At the time of writing the benchmark index is down 0.55% to 6,038.3 points.
Four shares that have fallen more than most today are listed below. Here's why they have dropped lower:
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price has dropped 5% to $10.58 following the release of a weak first half result. During the half the regional bank delivered flat cash earnings at $219.8 million and a declared an interim dividend of 35 cents per share fully franked. The latter was also in line with the prior corresponding period.
The Incitec Pivot Ltd (ASX: IPL) share price has dropped 3.5% to $3.26 after advising that the recent bad weather in northern Queensland has impacted its business. Due to the closure of the rail line between Townsville and Phosphate Hill, Incitec Pivot has begun a progressive shutdown of plants within its Phosphate Hill facility and is continuing to run each plant for as long as possible given storage and input constraints. Management warned the impact of the rail closure will give rise to lost earnings before interest and tax of ~$10 million per week from February 9 until resumption of full production.
The Praemium Ltd (ASX: PPS) share price has crashed 15% lower to 59.5 cents following the half year results release of the provider of separately managed account and financial planning technology platforms. The market appears underwhelmed with Praemium's 7% increase in revenue and other income to $22.9 million given its lofty valuation.
The Spark Infrastructure Group (ASX: SKI) share price is down a sizeable 8% to $2.31. Spark's shares came under pressure today after it was forced to cut its dividend forecast and write down its South Australian electricity distribution business by $270 million after the Federal Court made an adverse decision on a dispute over tax payable from 2008 to 2011 by Victoria Power Networks.
