The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) is trading marginally higher today thanks to positive offshore leads and a number of good profit results.
The benchmark index has climbed 0.25% to 5,630 points with particularly good gains coming from the financials and information technology sectors.
Despite the positive mood, a number of shares have fallen sharply today including:
Genworth Mortgage Insurance Australia (ASX: GMA)
Shares of Genworth Mortgage have crashed more than 15.8% today after releasing a less than impressive set of full-year results. The mortgage insurer suffered a sharp fall in gross written premiums over FY16 and this led to a 19.8% decline in underlying net profit after tax (NPAT). Unfortunately, the outlook for the year ahead does not look that promising with the company expecting another 10-15% decline in net earned premium.
Bellamy's Australia Ltd (ASX: BAL)
Shares of Bellamy's have taken a breather today after two weeks of impressive gains. It comes after a change in substantial holding notice was released that showed U.S-based hedge fund Delta Partners has increased its stake in recent days to just over 8%. Delta Partners now becomes the second-biggest shareholder of Bellamy's and will have a big voice in the company's upcoming extraordinary general meeting. Shares of Bellamy's were trading 2.1% lower to $4.79.
Galaxy Resources Limited (ASX: GXY)
Shares of Galaxy Resources have plunged 3.8% to 57 cents today after the lithium miner announced that it had successfully raised $61 million via a private placement. The new shares were issued at 54 cents per share which is a 9.2% discount to its last closing price of 59.5 cents. The proceeds will be used to strengthen the balance sheet and provide funding flexibility ahead of the development of Sal de Vida and James Bay projects.
Transurban Group (ASX: TCL)
After enjoying a stellar session yesterday, shares of Transurban have given up some of their gains to be trading 2.1% lower to $10.80. It comes after the toll-road operator delivered an excellent half year report and simultaneously upgraded its full-year distribution guidance to 51.5 cents. Some of today's fall can be attributed to Morgans Financial cutting the shares to a hold, although I suspect there is also an element of profit taking following yesterday's impressive gains.
