The S&P/ASX 200 index has had a positive start to the new financial year. At the time of writing the benchmark index is 0.4% higher to 6,647.3 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:
The Afterpay Touch Group Ltd (ASX: APT) share price is down almost 4% to $24.11 amid concerns that Visa could disrupt its business model. At the end of last week the payments giant announced the start of a pilot program that will allow participating issuers and merchants to offer their customers an instalment payment option at the checkout by using a Visa card. At one stage today the Afterpay share price fell as much as 10%.
The Northern Star Resources Ltd (ASX: NST) share price is down over 4% to $11.15. Northern Star and the rest of the gold miners have come under pressure today after improving investor sentiment led to a decline in demand for risk-off assets. In afternoon trade the S&P/ASX All Ords Gold index has fallen almost 3%.
The Regional Express Holdings Ltd (ASX: REX) share price has hit a spot of turbulence and is down over 7% to $1.31. Investors have been hitting the sell button after the airline was accused of having a poor safety culture by a disgruntled engineer. The company has labelled the accusations "baseless" and stressed that its safety culture is second to none.
The Superloop Ltd (ASX: SLC) share price is down almost 10% to $1.39 after the fibre-optic internet infrastructure company downgraded its full year EBITDA guidance significantly. According to the release, Superloop now expects full year EBITDA to be between $7 million and $8 million in FY 2019, compared to its prior guidance of between $13 million and $18 million. The downgrade has been blamed on delays to a major commercial agreement being signed.
