The global bond market sell-off continued overnight and this has sent the local share market lower today with the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) falling 0.64% to 5,311 points.
A number of interest rate sensitive shares have led the market lower today, although the healthcare and consumer staples sectors are also underperforming the broader market.
Four shares that have been squarely in the sights of sellers today, include:
OFX Group Ltd (ASX: OFX)
Shares of OFX (formerly OzForex) have crashed more than 15% today after the company delivered a disappointing first-half result. Group turnover fell by 4% from the prior corresponding period, with underlying EBITDA and net profit after tax (NPAT) falling 25% and 21%, respectively. OFX expects second half margins to increase significantly and has suggested full year NPAT will exceed FY16. Based on today's reaction, however, the market remains sceptical on the company's outlook and will want to see further signs of improvement before a significant share price recovery.
Aconex Ltd (ASX: ACX)
Shares of Aconex have fallen below $5 per share for the first time since March, after the technology company announced the retirement of Steve Recht – its chief financial officer (CFO) since 2012. Although Mr Recht will remain with the company until a replacement is found, investors are clearly concerned about the uncertainty this change could create after such a successful period of growth. Interestingly, today's 6.2% share price decline has now wiped out all of Aconex's gains for 2016.
Whitehaven Coal Ltd (ASX: WHC)
Whitehaven Coal shares have plunged more than 7.6% today, despite the absence of any news from the company. It appears some investors are locking in profits after an extraordinary increase in the share price and speculation that the recent rally in coal prices may have peaked. Nevertheless, Whitehaven Coal has been one of the best-performing shares on the ASX this year with a gain of more than 310%.
Vita Group Limited (ASX: VTG)
Shares of Vita Group have crashed more than 6% today, with investors still being left in the dark about potential changes to the company's commercial agreements with Telstra Corporation Ltd (ASX: TLS). It has now been two weeks since the company has made any information available to the market and this uncertainty will certainly be playing on the minds of investors. The shares have now lost more than a third of their value since 31 October.
