In afternoon trade the S&P/ASX 200 index is on course to record a solid gain. At the time of writing the benchmark index is up 0.45% to 6,297.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have dropped lower:
The Adelaide Brighton Ltd (ASX: ABC) share price has sunk 8.5% to $3.83 following the release of a very disappointing market update. Management warned that further softening of demand for construction materials in the residential market, increased competition from cement imports, increased competitive pressures in Queensland, and higher raw materials costs were expected to lead to a 10% to 15% decline in profits in FY 2019.
The BWX Ltd (ASX: BWX) share price has dropped 3.5% to $1.95 despite there being no news out of the personal care products company. However, the shares of the company behind the Sukin skincare brand have been strong performers in 2019, so they could be coming under pressure from profit taking today.
The GrainCorp Ltd (ASX: GNC) share price has tumbled 3.5% to $7.68 following the release of the integrated grain company's half year results. Due partly to the drought in eastern Australia, GrainCorp reported a statutory net loss of $59 million in the first half. This compares to a statutory profit after tax of $36 million in the prior corresponding period. Although the market was expecting a loss, this was notably worse than forecast.
The Myer Holdings Ltd (ASX: MYR) share price has fallen 1.5% to 64 cents after being downgraded by analysts at UBS. According to the note, the broker has downgraded its shares to a sell rating with an improved price target of 59 cents. UBS made the move largely on valuation grounds after a stellar share price rally. Prior to today the department store operator's shares were up 57% since the start of the year.
