After reversing a negative start to the trading day, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has given back most of its gains and is currently trading only 0.05% higher to 5,414 points.
The gold sector has been the standout performer today, with the energy and healthcare sectors putting a dampener on the broader market.
Four shares that have struggled for investor support today, include:
Santos Ltd (ASX: STO)
Santos is the worst performing major energy company today with its shares falling more than 4% to $4.23. Oil prices were mainly steady overnight but gains in the Australian dollar are perhaps weighing on some of the companies in the sector. With the outlook for the energy sector still mixed and Santos remaining a highly leveraged player in the sector, a small change in sentiment generally results in a sharp share price movement. Despite today's fall, Santos shares have still managed to gain more than 15% since the start of the year.
Event Hospitality and Entertainment Ltd (ASX: EVT)
Shares of Event Hospitality are trading ex-dividend today and this has seen the shares fall by around 3% to $14.65. The company announced a final fully franked dividend of 31 cents per share, which resulted in a full year dividend of 51 cents per share – a 13.3% increase on the prior corresponding period (excluding the special dividend). The increase in dividend was largely the result of a strong operating performance that saw net profit after tax (NPAT) increase by more than 19% to $130.2 million.
Cover-More Group Ltd (ASX: CVO)
Cover-More shares have continued their recent slide today, falling another 3% to $1.29. After a disappointing profit announcement last month, investors have continued to head for the exits this month following the news that the shares will be removed from the S&P/ASX 200. The change will take place after the market close on 16 September. Cover-More shares have now fallen around 10% since the start of this month.
Lendlease Group (ASX: LLC)
Shares of Lend Lease have fallen by more than 2.1% today, probably in response to the warning from prominent economist, Shane Oliver, that apartment prices in Sydney and Melbourne will fall between 15% to 20% over the next two years as a result of oversupply. As a major apartment builder in these markets, this would obviously be bad news for Lend Lease although these types of warnings have been telegraphed for a while now with the results yet to materialise. Nevertheless, investors should remain open to the idea that property prices could fall in the medium term and this could have a negative impact on the entire construction and property development sector.
