For a second day in a row a broad market sell-off has sent the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) tumbling lower. In early afternoon trade the index is down 0.7% to 5,623 points, with only the health care sector managing to remain in positive territory.
Five shares which have made notable declines today are listed below. Here's why they've crashed lower:
Bubs Australia Ltd (ASX: BUB) shares have fallen almost 8% to 17.5 cents despite there being no news out of the infant formula company. Its shares went absolutely gangbusters earlier this month when they listed. But since then its shares have gradually been giving back those early gains. In fact, today's gain means that its share price has now fallen close to 17% since this time last week.
Credit Corp Group Limited (ASX: CCP) shares have dropped 3% to $17.50 following the release of its half-year result. Although the debt purchasing company reported a solid 19% rise in net profit after tax over the prior corresponding period, investors have given the result a lukewarm response. Management has left its full-year net profit after tax guidance unchanged at between $53 million and $55 million.
Navitas Limited (ASX: NVT) shares are down almost 5% to $4.48 after the education services provider announced its half-year result. For the first-half of FY 2017 the company announced a reported net profit after tax increase of 18% to $53.3 million. But without a one-time non-cash gain, Navitas would have seen profit fall by 13% compared to the first-half of FY 2016.
Virtus Health Ltd (ASX: VRT) shares have crashed lower by almost 17% to $5.16 following the release of a trading update. The update revealed that trading has continued to deteriorate since its last update in November. For the first half of FY 2017 management reported a 7.2% drop in fresh cycle activity on a like-for-like basis. Low-cost competition appears to be stealing market share away from the company. Rival Monash IVF Group Ltd (ASX: MVF) has also seen its share price plunge over 10% today on the back of this update. Unfortunately I feel it is very likely that Monash IVF will also be impacted by the increased competition.
