It has been a very positive day of trade for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) on Wednesday. In afternoon trade the index is up 0.5% to 6,228.5 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have sunk lower:
The Catapult Group International Ltd (ASX: CAT) share price is down 3% to 78 cents despite there being no news out of the sports analytics and wearables company. However, prior to today Catapult's shares had rallied 29% higher in the space of just two weeks. Today's decline could be down to profit taking from some investors. Despite this recent rally, its shares are down by almost a third over the last 12 months.
The Metcash Limited (ASX: MTS) share price is down 2.5% to $2.73. As with Catapult, a recent rally in the Metcash share price could have led to a spot of profit taking today. Especially after analysts at Citi held firm with their sell rating. According to the note, the broker believes there are structural challenges on the horizon that could lead to the company falling short of expectations. It has a $2.45 price target on Metcash's shares.
The Perpetual Limited (ASX: PPT) share price is down 4% to $40.03. The majority of the fund manager's decline is attributable to its shares trading ex-dividend this morning for its $1.25 per share interim dividend. Eligible shareholders can now look forward to receiving this dividend in their nominated accounts on March 29.
The Retail Food Group Limited (ASX: RFG) share price has plunged 12.5% lower to an all-time low of 21 cents despite there being no news out of the embattled food and beverage company. Last week Retail Food Group released its half year results and posted a 1.8% decline in revenue from continuing operations to $192 million and a massive statutory net loss of $111.1 million. On an underlying basis net profit after tax fell 73.4% to $6.6 million.
