In afternoon trade on the Thursday the S&P/ASX 200 index is on course to bounce back from yesterday's decline. At the time of writing the benchmark index is up a solid 0.6% to 6,698.2 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are sinking lower:
The Experience Co Ltd (ASX: EXP) share price has crashed 9.5% lower to 23.5 cents. Investors have been selling the adventure tourism company's shares following the release of a disappointing trading update. According to the release, unfavourable weather conditions have impacted its performance in FY 2020. This has led to a decline in tandem skydiving jump volumes and passengers across its reef-based products.
The Flight Centre Travel Group Ltd (ASX: FLT) share price is down over 5% to $40.23 following the release of its FY 2020 guidance. This morning the travel agent giant warned that its first half profit before tax would be down 22% to 36% on the prior corresponding period. The good news is that a much stronger second half is expected. Management expects this to lead to a full year underlying profit before tax of $310 million to $350 million. The mid-point of this range represents a 3.8% decrease year on year.
The Pendal Group Ltd (ASX: PDL) share price has fallen 3.5% to $7.92. This decline appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has downgraded the fund manager's shares to a sell rating from neutral with a $7.45 price target. This was largely on valuation grounds after its shares rallied higher.
The Perenti Global Ltd (ASX: PRN) share price is down 10.5% to $2.09 after a security incident at one of its African operations. Perenti, formerly known as Ausdrill, revealed that there has been an attack on workers at the Bongou mine site in Burkina Faso. The drilling company has confirmed that members of its African Mining Services workforce have been caught up in the incident.
