It has been a very disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). With almost every sector in the red, the benchmark index is down 1% to 5,791 points.
Four shares which have acted as a real drag on the market today are listed below. Here's why they have been slammed today:
The Cann Group Ltd (ASX: CAN) share price has fallen 2.5% to 57.5 cents despite there being no news out of the medicinal cannabis company. Its shares are now down around 11% in the last couple of weeks as investors take profits off the table. Despite these declines, Cann Group's shares are still up 92% since hitting the ASX boards at the start of the month.
The CYBG PLC CDI 1:1 (ASX: CYB) share price is down 3% to $4.85 after the bank posted a weaker-than-expected half-year result. The market appears to be disappointed that statutory profit before tax came in at £46 million, down almost 21% from the £58 million it posted in the prior corresponding half.
The NIB Holdings Limited (ASX: NHF) share price has tumbled almost 12% to $5.36 after being downgraded to an underperform rating by Credit Suisse. That downgrade came after data released by APRA revealed that although profit across the private health insurance sector rose 18.2% to $1.3 billion over the year to April, net margins in the sector fell from 5.6% to 4.8%.
The OrotonGroup Limited (ASX: ORL) share price has been crushed today, falling a massive 22% to $1.05 after emerging from a trading halt. This morning the retailer released a disappointing trading update which revealed that year-to-date sales are down 11% on the prior corresponding period. As a result, underlying EBITDA is now forecast to be between $2 million and $3 million for FY 2017, down sharply from $12.9 million a year earlier. This is one retail share I would avoid right now.
