In afternoon trade the S&P/ASX 200 index has continued its positive run and is up a further 1.05% to 6,638.9 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they have sunk lower:
The Link Administration Holdings Ltd (ASX: LNK) share price is down 4.5% to $5.43 despite the administration services company revealing that it has extended its contract with AustralianSuper for a further four years. The agreement includes two options for AustralianSuper to roll, each for an additional year. It also reconfirmed its full year guidance at its investor day event in the UK overnight.
The Pilbara Minerals Ltd (ASX: PLS) share price which has continued to sink lower and is down a further 5% to 56.5 cents. The lithium miner’s shares have dropped notably lower since the release of an update which revealed that due to weakening demand, the miner plans to reduce its production in June and July to conserve cash flow and working capital.
The Resolute Mining Limited (ASX: RSG) share price has fallen 4% to $1.08 after positive investor sentiment and weakness in the gold price weighed heavily on its shares. It isn’t just Resolute that has tumbled lower today. Almost all of Australia’s gold miners are in the red on Wednesday, leading to the S&P/ASX All Ords Gold index sliding 0.6% lower at the time of writing.
The Sealink Travel Group Ltd (ASX: SLK) share price has fallen 3% to $3.61 after the travel company released a trading update. That update revealed that SeaLink expects its full year underlying net profit after tax to be in the range of approximately $22 million to $24 million this year. This compares to underlying net profit after tax of $22.1 million in FY 2018. SeaLink has experienced softer than expected trading conditions in Sydney and Perth markets during the second half.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration Holdings Ltd. 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.
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