Investors are enjoying a strong session today with the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) gaining more than 1.1%. Most sectors are in the green with the materials and financials leading the way higher.
Not all stocks have been so lucky, however, and these four companies have been left behind in today's rally:
Lovisa Holdings Ltd (ASX: LOV)
Shares of Lovisa have fallen more than 6% today following the release of its third quarter trading update. Although the jewellery retailer re-affirmed its previous full year EBIT guidance of $23.5-$25.5 million for the full year, the company also announced a number of management changes including a new chairman and Chief Financial Officer. This appears to have overshadowed the fact that trading conditions look as though they have stabilised with operating margins remaining at 74% and like-for-like sales increasing by 3% in the latest quarter.
Aconex Ltd (ASX: ACX)
Aconex has been a star performer over the past 12 months with its shares rising more than 190%. Today's 5% share price fall, therefore, is unlikely to overly concern long-term holders. The company today released the results of its share purchase plan which was unsurprisingly oversubscribed. The company was initially seeking to raise $5 million from shareholders but the demand was so great that the board has decided to take the opportunity to instead raise $12 million at an issue price of $5.20 per share. The issuing of a larger-than-expected number of shares (which will have a larger dilution impact on existing holders) could explain some of today's share price weakness.
Ainsworth Game Technology Limited (ASX: AGI)
Shares of Ainsworth Game Technology have fallen more than 3.8% today despite no news being released from the company. Investors are still waiting for the opportunity to vote on the proposed sale of Len Ainsworth's 172.1 million share holding to Austrian-based gaming company, Novomatic. Details of the extraordinary general meeting (EGM) are yet to be released and some investors may be losing patience in the process. It is still unclear as to whether the proposed transaction will benefit shareholders as Novomatic will receive a 53% controlling stake in the company. An independent expert report is due soon and minority investors will be eagerly awaiting the experts' opinion.
Senex Energy Ltd (ASX: SXY)
The overnight fall in the oil price hasn't helped many of the oil producers today, but Senex is one of the worst performers in the sector. The shares had fallen by as much as 6.7% earlier in the day, but have regained some of these losses and are now trading at 28.5 cents a share – down 3.4% for the day. The company is leveraged to moves in the oil price and its share price movement can be volatile. As a result, today's trading should be probably be viewed purely as a reaction to the short-term moves of the oil price.
