The S&P/ASX 200 index has had a disappointing start to the week. In afternoon trade the index has followed the lead of U.S. markets and is down 1.25% to 6,442.3 points.
Four shares that have fallen more than most today are listed below. Here's why they have sunk lower:
The Boral Limited (ASX: BLD) share price has crashed 19% lower to $4.00 following the release of the building materials company's full year results. In FY 2019 Boral posted a 7% decline in adjusted earnings per share to 37.5 cents despite its revenue from continuing operations increasing 4% to $5.8 billion. Whilst this was disappointing and missed consensus expectations, its guidance appears to have spooked investors the most. Management is forecasting a 5% to 15% drop in net profit in FY 2020.
The Fortescue Metals Group Limited (ASX: FMG) share price is down 3.5% to $7.31 despite the iron ore producer reporting a record profit result. In FY 2019 Fortescue posted record underlying EBITDA of US$6 billion and record underlying NPAT of US$3.2 billion. This was a massive 90% and 195% increase, respectively, on the prior corresponding period.
The G8 Education Ltd (ASX: GEM) share price has crashed 15.5% lower to $2.31 following the release of a soft half year result. G8 Education posted a 20% decline in net profit after tax to $19 million, though this was due to the implementation of new Accounting Standard AASB 16 Leases Standard. Investors may be disappointed with its occupancy rate of just 71.3% despite recent government subsidies aiming to increase demand.
The IOOF Holdings Limited (ASX: IFL) share price dropped 7% to $4.83 following the release of the embattled financial services company's full year results. In FY 2019 IOOF reported statutory net profit after tax of $28.6 million, which was down 67.7% year on year. Management announced a fully franked final dividend of 19 cents per share, with its full year dividend falling 17.6% to 44.5 cents per share.
