In afternoon trade the S&P/ASX 200 index has fought back from its morning declines and is a fraction higher at 6,502 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have sunk lower:
The ALS Ltd (ASX: ALQ) share price has dropped 5% to $7.16 a day after the release of its FY 2019 full year results. One broker that wasn't impressed with its performance was Deutsche Bank. According to a note out of the investment bank, its analysts have downgraded ALS' shares from hold to a sell rating with a $6.57 price target.
The Fortescue Metals Group Limited (ASX: FMG) share price has crashed over 8% lower to $8.25 after trading ex-dividend this morning for its 60 cents per share fully franked dividend. Eligible shareholders won't have to wait long to be paid this generous dividend. The iron ore producer is scheduled to pay this dividend into nominated bank accounts in around three weeks on June 14.
The IOOF Holdings Limited (ASX: IFL) share price is down 6% to $5.43 after providing an update on its dealings with APRA. According to the release, APRA has now provided formal directions relating to the Office of the Superannuation Trustee. The directions are in line with APRA's preliminary findings in April in respect of which the APRA Regulated Entities received a 'show cause notice' from the regulator.
The Medibank Private Ltd (ASX: MPL) share price has fallen 4.5% to $3.17 despite there being no news out of the private health insurer. However, Medibank's shares have been on fire this week, so this decline could be a case of profit taking from investors. Its shares rose strongly on Monday following the surprise Federal election result at the weekend. Labor had planned to cap health insurance premium increases if it got into office.
