Why AGL, IAG, Ramelius, & Supply Network shares tumbled lower today

The AGL Energy Limited (ASX:AGL) share price and the Insurance Australia Group Ltd (ASX:IAG) share price are two of four sinking lower on Thursday. Here's why…

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The S&P/ASX 200 index has fought back from a morning in the red and is pushing higher in afternoon trade. At the time of writing the benchmark index is up 0.15% to 6,529.4 points.

Four shares that have failed to follow the market higher today are listed below. Here's why they have tumbled lower:

The AGL Energy Limited (ASX: AGL) share price has sunk almost 6% lower to $18.88 following the release of its full year results this morning. Although the energy company posted a reasonably solid FY 2019 result, its guidance for FY 2020 has sent investors to the exits in their droves. AGL expects underlying profit after tax to be between $780 million and $860 million in FY 2020. This will be a 17.3% to 25% decline on FY 2019's result.

The Insurance Australia Group Ltd (ASX: IAG) share price has dropped 4.5% to $7.70 after disappointing investors with its full year results. In FY 2019 the insurance giant delivered cash earnings of $931 million, which was a decline of 10% on FY 2018's cash earnings. In addition to this, it declared a fully franked final dividend of 20 cents per share, which fell short of the market's expectations of 22.7 cents per share dividend.

The Ramelius Resources Limited (ASX: RMS) share price has fallen 2% to $1.33 despite a good number of gold miners pushing higher after the gold price broke through the US$1,500 an ounce mark overnight. But with Ramelius' shares up almost 180% year to date prior to today, some investors may have decided to take a bit of profit off the table.

The Supply Network Limited (ASX: SNL) share price has tumbled over 7% to $3.89 despite there being no news out of the provider of after-market parts to the commercial vehicle industry. However, as with Ramelius, I suspect this could be profit taking. After all, prior to today Supply Network's shares were up almost 18% over the last 30 days.

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 Supply Network Limited. The Motley Fool Australia owns shares of Insurance Australia Group Limited. The Motley Fool Australia has recommended Supply Network Limited. 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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