In afternoon trade the S&P/ASX 200 index has returned to form and is pushing higher again. At the time of writing the benchmark index is up 0.15% to 6,330.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have crashed lower:
The A2 Milk Company Ltd (ASX: A2M) share price has tumbled almost 7% to $13.30 after it emerged that China is attempting to grow the market share of its local infant formula producers. According to the AFR, a new action plan for the infant formula sector aims to increase the market share of Chinese producers from 47% to 60%. Given the finite size of the market, this could limit the growth of a2 Milk Company and its peers in this key market.
The Bravura Solutions Ltd (ASX: BVS) share price has crashed 11% lower to $4.67. As well as coming under pressure from general weakness across the tech sector today, Bravura Solutions was dealt a blow this morning when a profit upgrade by GBST Holdings Limited (ASX: GBT) sent its shares price notably higher than Bravura's takeover offer. This could mean Bravura will have to lift its offer considerably or pull out of the deal.
The NRW Holdings Limited (ASX: NWH) share price has sunk 10.5% lower to $2.45 after it confirmed that it has been caught up in the collapse of gold miner Gascoyne Resources Ltd (ASX: GCY). According to the release, administrators have been called in and will continue operating Gascoyne Resources on a business as usual basis while recapitalisation options are explored. But should this be unsuccessful, NRW will cease providing mining services to Gascoyne Resources.
The Premier Investments Limited (ASX: PMV) share price has tumbled 6% to $15.95 following the release of a broker note out of Citi. According to the note, the broker has held firm with its sell rating and trimmed the price target on the retailer's shares to $15.50. Citi expects Premier Investments' sales to slow in the second half due to softness in its core brands.
