The S&P/ASX 200 index has followed the lead of U.S. markets and has dropped lower on Friday. In afternoon trade the benchmark index is down 0.2% to 7,147.6 points.
Four shares that have fallen more than most today are listed below. Here’s why they are ending the week in the red:
The Ardent Leisure Group Ltd (ASX: ALG) share price is down 5.5% to $1.28. Investors have been selling the entertainment company’s shares following the release of its half year results. The Dreamworld operator posted a net loss of $22.5 million for the half. This was slightly above its net loss of $21.8 million in the prior corresponding period. The Theme Parks business once again weighed heavily on its performance.
The BWX Ltd (ASX: BWX) share price is down 5.5% to $4.36. This follows the release of its half year results this morning. The personal care products company delivered strong profit growth in the first half thanks to growth across the business. However, it retained its guidance for the full year. I suspect some investors were expecting an upgrade. After all, its shares had recently hit a 52-week high.
The Mayne Pharma Group Ltd (ASX: MYX) share price has fallen almost 6% to 37.7 cents. Investors have been selling the pharmaceutical company’s after it released a disappointing half year result. For the six months ended December 31, Mayne Pharma reported a 17% decline in revenues to $227.2 million and a 42% decline in underlying EBITDA to $47.4 million. This was driven by tough conditions in the U.S. generic drugs market.
The New Hope Corporation Limited (ASX: NHC) share price has sunk 11% lower to $1.66. This follows speculation that Mitsubishi Materials Corporation has offloaded its 11.2% stake in the company. These rumours appear to have some substance given that over 100 million shares have changed hands today. As a comparison, 3.8 million shares were traded on Thursday.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX 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.