In afternoon trade the S&P/ASX 200 index is on course to continue its positive run with another solid again. At the time of writing the benchmark index is up a further 0.65% to 6,283.4 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have sunk lower:
The Eclipx Group Ltd (ASX: ECX) share price is down 4.5% to 75.5 cents after McMillan Shakespeare Limited (ASX: MMS) announced that the two parties have agreed to terminate the Scheme Implementation Agreement (SIA) with immediate effect. Eclipx has agreed to reimburse McMillan Shakespeare for the $8 million costs incurred to date in relation to the SIA and proposed scheme. Neither party intend to comment further in relation to the merger breakdown.
The JB Hi-Fi Limited (ASX: JBH) share price has dropped over 4% to $23.92. Investors may have been hoping that the Federal budget would have been even more favourable to retailers such as JB Hi-Fi. In addition to JB Hi-Fi, the Harvey Norman Holdings Limited (ASX: HVN) share price has tumbled over 4% lower today.
The Sigma Healthcare Ltd (ASX: SIG) share price has tumbled over 4% to 52.7 cents. Today’s decline is almost entirely attributable to the pharmacy chain operator and distributor’s shares trading ex-dividend this morning for its fully franked final 2 cents per share dividend. This final dividend will now be paid to eligible shareholders in just under four weeks on April 29.
The Smartgroup Corporation Ltd (ASX: SIQ) share price has crashed 8.5% lower to $7.41 after the salary packaging and fleet management company announced that its managing director and CEO, Deven Billimoria, has offloaded a large number of shares. According to the release, Mr Billimoria sold 1.1 million shares through an on-market trade on Tuesday. He received $7.60 per share or a total consideration of $8.36 million.
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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.