Although it has given back some of its early gains, in afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is higher by 0.1% to 5,904 points.
Four shares which haven't been able to follow the market higher today are listed below. Here's why they tumbled lower:
The Cannpal Animal Therapeutics Ltd (ASX: CP1) share price has fallen 15% to 17 cents on its first day on the ASX. CannPal, which is focused on the companion animal side of the medicinal cannabis market, hit the ASX boards today at a listing price of 20 cents. The company plans to use some of the proceeds of the IPO to fund the clinical phase of its lead drug candidate CPAT-01.
The Fletcher Building Limited (Australia) (ASX: FBU) share price is down 5% to $6.88 after the building materials company provided underwhelming full-year earnings guidance. Due to ongoing issues in its Building + Interiors business, management expects full-year EBIT (excluding the B+I business) to be between NZ$680 million to NZ$720 million. At this stage the B+I business is expected to post a disappointing NZ$160 million loss.
The MGC Pharmaceuticals Ltd (ASX: MXC) share price has tumbled almost 9% to 6.3 cents. The medical and cosmetic cannabis company's shares were amongst the biggest movers on the market last week, more than doubling in value in a single day. Since then it appears that its shares have come under pressure from profit takers.
The Wesfarmers Ltd (ASX: WES) share price is down 3% to $41.38 after the conglomerate released its first-quarter update. Although its Food and Liquor, Bunnings ANZ, and Kmart businesses performed strongly, the poor performance of Bunnings in the UK, its Convenience stores, and Target weighed heavily on its results.
