Local shares have staged quite a turnaround today. The main bourse fell sharply as soon as the market opened, but is now sitting at 5389 points, just 0.1% down from yesterday's close.
Unfortunately, these five shares haven't managed to do the same…
Blackmores Limited (ASX: BKL) shares have fallen 4.3% to $168.41, more than reversing yesterday's gains. The result could partially be explained by a report from The Australian Financial Review yesterday which suggested Blackmores, amongst other infant formula providers, could be impacted by new regulations being implemented in China.
The report said that at least one courier company had decided to suspend Australian infant formula products into China, until the country had updated its systems to accommodate new import taxes.
IOOF Holdings Limited (ASX: IFL) is the worst performing share on the ASX 200 today. Its shares have dropped 5.5% to $8.38 after the company noted revenues in the second half of the year had been "adversely affected" by equity market devaluations, together with the consequent impact on funds under management, advice and administration (FUMA).
Beacon Lighting Group Ltd (ASX: BLX) shares have been crushed today, shedding almost 21% after the lighting retailer issued a trading update. Citing weak consumer confidence, a change in the timing of the Easter break and an increase in clearing activities by its competitors, Beacon Lighting said its sales during the last 10 weeks had not met management's expectations. You can read more about that update, here.
JB Hi-Fi Limited (ASX: JBH) and Harvey Norman Holdings Limited (ASX: HVN) shares have also fallen 2.9% and 2.2% today, which could be related to Beacon Lighting's update. Weak consumer confidence is a negative for the retail industry as a whole, while investors may also see the reduction in demand for lighting and ceiling fans as a bad indicator for JB Hi-Fi's HOME format stores and Harvey Norman's various appliances as well.
