In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is fading and is up marginally to 5,786 points.
Four shares which have acted as a drag on the market today are listed below. Here's why they have sunk like stones:
The Bubs Australia Ltd (ASX: BUB) share price has tumbled almost 5% to 63 cents despite there being no news out of the infant formula company. But with its shares up over 120% since this time last month, I wouldn't be surprised if this decline relates to profit taking from day traders.
The Iress Ltd (ASX: IRE) share price has fallen 6% to $12.30 after the release of a disappointing half-year result. The financial services business reported a 10% decline in net profit to $29.5 million due partly to operating costs rising quicker than revenue. Management does, however, appear confident that the second-half will be stronger.
The QBE Insurance Group Ltd (ASX: QBE) share price has dropped 7% to $11.15 despite the leading insurance company reporting a 30% increase in statutory 2017 interim net profit to $345 million. Furthermore, QBE has upgraded its full-year gross written premium target from relatively stable to modest growth. Still, it wasn't enough to convince some shareholders to hold onto their shares.
The Telstra Corporation Ltd (ASX: TLS) share price has plunged 8% to $3.97 after the telecommunications giant revealed in its full-year results release that it plans to cut its dividend to 22 cents per share in FY 2018. At the current share price this equates to a yield of 5.5% and makes it an attractive option for income investors in my opinion.
