In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and charged higher again. At the time of writing the benchmark index is up 0.55% to 6,393.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have sunk lower:
The Afterpay Touch Group Ltd (ASX: APT) share price is down 3% to $23.21 following the release of a business update. That update revealed that the company has continued to grow strongly since the release of its half year results in February. The company advised that unaudited underlying sales for the 11 months ended May 31 were $4.7 billion, up 143% on the prior corresponding period. The payments company's shares were up as much as 5% at one stage today but faded soon after.
The Bingo Industries Ltd (ASX: BIN) share price has dropped 3.5% to $1.84 despite there being no news out of the waste management company. However, its shares charged notably higher on Wednesday, which may have led to profit taking today. In addition to this, it is worth noting that Bingo is one of the most shorted shares on the ASX with ~11.4% of its shares held short. High levels of short interest can make shares volatile at times.
The Fortescue Metals Group Limited (ASX: FMG) share price is down almost 3% to $7.72 after base metal prices came under pressure following the release of weak manufacturing data. This has sparked fears that a trade war between the world's two largest economies could result in a global slowdown in manufacturing and ultimately economic growth. The iron ore price remained unchanged on Wednesday due to a Singapore national holiday, but is likely to tumble lower when the market reopens.
The Regis Healthcare Ltd (ASX: REG) share price has crashed 6.5% lower to $2.56 after providing a trading update. This morning the aged care provider advised that it expected to achieve the low end of its net profit after tax guidance in FY 2019. Looking ahead, management expects its profits to fall ~19% in FY 2020 due to higher costs and increased depreciation expense.
