Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced off its lows, the benchmark index is still down a disappointing 0.3% to 5,742 points in afternoon trade.
Four shares which have acted as a drag on the market are listed below. Here's why they are ending the week in the red:
The Aurizon Holdings Ltd (ASX: AZJ) share price is down over 3% to $5.11. Today's decline is likely to be the result of a broker downgrade out of the equities desk of Macquarie. Analysts at the bank downgraded Aurizon to an underperform rating with a $4.98 price target this morning. I would agree with Macquarie on this one and believe that the rail-based transport company's shares are a little expensive at the moment.
The BlueScope Steel Limited (ASX: BSL) share price has dropped 3% to $13.57 following weakness in Chinese steel markets. According to Metal Bulletin, Chinese Rebar futures in Shanghai fell 4.1% to 3,496 yuan overnight. Despite the drop in BlueScope's shares today, they are still up a massive 45% year-to-date.
The Bubs Australia Ltd (ASX: BUB) share price has tumbled 5% to 28.5 cents. Yesterday the organic food and infant formula company's shares rallied strongly thanks to another positive distribution agreement announcement. I suspect today's decline could be the result of profit taking. Overall, I believe this recent run of positive announcements does make Bubs one to watch,
The Perpetual Limited (ASX: PPT) share price has fallen 4% to $51.93. Today's decline is likely to be attributable to a broker note out of Citi this morning. According to the note, Citi has downgraded Perpetual to a sell rating with a $50.25 price target. The broker appears to have been disappointed that the financial services company reported net fund outflows of $1 billion for the quarter ending June 30.
