The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to post a disappointing decline on Tuesday. In afternoon trade the benchmark index is down a sizeable 1.3% to 6,108.2 points.
Four shares that have fallen more than most today are listed below. Here's why they have sunk lower:
The Afterpay Touch Group Ltd (ASX: APT) share price is down a massive 11% to $18.26 following the release of the payments company's half year results. In the first half the company delivered total income (revenue) growth 91% to $116.1 million and pro forma EBITDA growth (excluding one-offs) of 19% to $17 million. I suspect that many investors had been expecting Afterpay Touch to outperform expectations, but it delivered a result in line with expectations after excluding one-offs such as its share-based payments of $18.1 million.
The HUB24 Ltd (ASX: HUB) share price has dropped 14% to $12.17 after the investment platform company's half year result fell short of the market's lofty expectations. Although HUB24 posted a 32% increase in underlying EBITDA to $6.5 million, this was 23% lower than the underlying EBITDA of $8.4 million that Goldman Sachs had predicted.
The MNF Group Ltd (ASX: MNF) share price has tumbled 12.5% lower to $3.83. This morning the provider of voice, data, and cloud-based communication and communication enablement services released its half year results which revealed a sizeable decline in both revenue and profits. Half year revenue fell 16% on the prior corresponding period to $98.1 million, whereas net profit after tax dropped 49% to $3.1 million. This poor first half performance has led to management downgrading its full year guidance.
The Wesfarmers Ltd (ASX: WES) share price is down almost 7.5% to $32.62. The majority of this decline is attributable to the conglomerate's shares going ex-dividend this morning for its fully franked interim and special dividends. Eligible shareholders will be paid a total of $2.00 per share on April 10.
