The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it two days of gains in a row. In afternoon trade the index is up 0.4% to 5,788 points.
Unfortunately not all shares have climbed higher today. Here's why these four shares have sunk like stones:
The AMP Limited (ASX: AMP) share price has tumbled 3% to $5.25 following the release of the financial services company's half-year results. AMP reported underlying profit of $533 million during the first-half of FY 2017, up 4% on the prior corresponding period. It appears as though some investors were expecting more from the company.
The Auscann Group Holdings Ltd (ASX: AC8) share price has sunk 4% to 57 cents. I feel today's decline is likely to be a case of profit taking from day traders. After all, the medicinal cannabis company's shares rose almost 30% on Wednesday after it announced that it has been granted a license to manufacture medicinal cannabis. This in my opinion makes AusCann one to watch in the pot stock space.
The Magellan Financial Group Ltd (ASX: MFG) share price has fallen 2.5% to $27.20 after the fund manager announced its full-year results. According to the release, Magellan posted a 1% decline in net profit after tax to $196.2 million. This was largely down to a significant drop in its performance fees.
The Nick Scali Limited (ASX: NCK) share price has plunged almost 8% to $6.15 following the release of the furniture retailer's FY 2017 results. Although the company delivered a stunning 42.4% jump in net profit, a subdued outlook for the year ahead appears to have concerned investors. I think after today's decline its shares are looking to be decent value again.
