The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and in afternoon trade is down a disappointing 0.2% to 5,721 points.
Four shares which have acted as a drag on the market today are listed below. Here's why they are ending the week in the red:
The Commonwealth Bank of Australia (ASX: CBA) share price is down over 3% to $81.29 after AUSTRAC launched civil proceedings against the bank in the federal court yesterday. It has been alleged that the bank failed to comply with the law on 53,700 occasions by failing to report cash deposits of $10,000 or more that were made through its intelligent deposit machines.
The Mayne Pharma Group Ltd (ASX: MYX) share price has tumbled almost 8% to 85 cents after generic drug behemoth Teva Pharmaceuticals shares lost almost a quarter of their value overnight following a weaker-than-expected second-quarter. Teva blamed the poor result on the saturation of the U.S. generic drug market, according to Bloomberg. Investors appear to think Mayne Pharma could be experiencing similar headwinds in the United States.
The Sims Metal Management Ltd (ASX: SGM) share price has plunged 12% to $13.45 following a shock update from the metals recycling company. According to today's release both the company's CEO and CFO have resigned with immediate effect. Such upheaval in the top office is rarely received well by the market and will no doubt have shareholders concerned.
The Yancoal Australia Ltd (ASX: YAL) share price has dropped 36% to 13.5 cents just a couple of days after successfully raising US$2.5 billion to fund the acquisition of Coal & Allied from Rio Tinto Limited (ASX: RIO) at a price of 10 U.S. cents per share.
