The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and in afternoon trade is mostly flat at 5,920 points.
Four shares that have acted as a drag on the market today are listed below. Here's why they have sunk lower:
The Beach Energy Ltd (ASX: BPT) share price has fallen over 4% to 96.2 cents following the release of its quarterly update. Although the energy producer posted a 5% lift in quarterly revenue to $178 million thanks to higher oil prices, the market appears to be disappointed by its weaker production.
The Bubs Australia Ltd (ASX: BUB) share price is down 3% to 79 cents. I suspect that today's decline is likely to be related to profit taking. After all, the infant formula and baby food company's shares are up over 60% since the start of the month.
The Harvey Norman Holdings Limited (ASX: HVN) share price has fallen almost 3% to $3.79. Today's decline is attributable in full to the retailer's shares going ex-dividend this morning. Eligible shareholders should expect to receive its 12 cents per share fully franked dividend on December 1.
The Inghams Group Ltd (ASX: ING) share price is down almost 3% to $3.59 on the day of the poultry producer's annual general meeting. Although management reiterated its full-year guidance this morning, it did warn that higher feed prices could impact its earnings. This is likely to have led to today's decline.
