The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) is trading firmly in positive territory today following a jump in oil prices and strong overnight leads from Wall Street.
Despite the main index rising 0.58%, these four stocks have been punished by investors:
DuluxGroup Limited (ASX: DLX)
Shares of Dulux have fallen 2.8% today after the company reported its first half FY16 results. The specialist paint company reported revenue growth of 1.7% to $851.1 million and a 3.7% rise in interim profits to $63.7 million. The result was underpinned by another strong performance from its largest division, Paints & Coatings Australia and New Zealand. The result was broadly in line with market expectations, so today's sell down is more likely the result of the company's vague full year outlook where it said it expects full year profits will be higher than the FY15 equivalent of $124.7 million. The board declared a fully franked interim dividend of 11.5 cents per share, which represents a 4.5% increase over the prior corresponding period.
Shares of Dulux have lost around 4.5% over the past 12 months.
Ozforex Group Ltd (ASX: OFX)
OFX shares have fallen sharply today after the company posted weaker-than-expected full year results. Despite lifting revenues by 15% to $103.9 million, falling margins as a consequence of higher operating costs resulted in underlying net profit after tax (NPAT) falling by 2% to $23.9 million. The shares had fallen to a low of $2.10 in early trading but have recovered some of these losses to trade at $2.20 – a 3.5% fall for the day. The company did warn of lower margins in the first half of FY17, but expects this to improve by the second half and for growth to accelerate from FY18 onwards. As outlined here, OFX faces a number of short term challenges and investors looking for a quick rebound may be left disappointed.
Shares of OFX have fallen nearly 13% over the past 12 months.
MG Unit Trust (ASX: MGC)
MG (Murray Goulbourn) Unit Trust shares have shed nearly 10% today after the company acknowledged that a class action has been filed against the company in the Supreme Court of Victoria. The class action alleges Murray Goulbourn and its directors misled investors through statements it made in its 2015 Product Disclosure Statement (PDS). The plaintiffs will also argue that the company breached its continuous disclosure obligations by not telling the market sooner it would not meet its profit forecasts. In a statement to the market, MG Unit Trust advised that "the companies strongly deny there is a proper basis for this claim, and will vigorously defend the proceedings". Despite this, legal action is never welcomed by shareholders and this is just another blow to investors who have witnessed a 60% fall in the share price over the past few weeks.
Shares of MG Unit Trust have lost 61% of their value over the past 12 months.
Bellamy's Australia Ltd (ASX: BAL)
Despite today re-affirming its full year FY16 group revenue guidance of $240 million – $260 million, shares of Bellamy's are trading 3.4% lower at $11.30 a share. The fall in the shares is more likely the result of a news story from the Australian Financial Review which reported that regulatory uncertainty in China has seen a courier company suspend Australian infant formula deliveries. While the move is seen only as temporary, it might have some impact on Bellamy's infant formula sales into China.
Shares of Bellamy's have managed to surge 218% over the past 12 months.
