In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and is down a touch under 0.2% to 5,950 points.
Four shares which have fallen more than most today are listed below. Here's why they have started the week in the red:
The Mcgrath Ltd (ASX: MEA) share price has sunk 13% to 53 cents after the real estate company warned that a softening property market meant that it would not meet the market's earnings expectations in FY 2018. The estate agent expects annual EBITDA to come in between 20% and 25% lower than leading broker Bell Potter's $16.6 million estimate.
The MSM Corporation International Ltd (ASX: MSM) share price has fallen 7.5% to 18.5 cents. The digital technology and media entertainment company's shares have now lost over 36% of their value since this time last month. Today's decline comes despite the company advising that its engagement levels are 400% higher than the industry average.
The Orica Ltd (ASX: ORI) share price has tumbled 9% to $19.39 following the release of a weak full-year result. The explosives company reported a 0.7% decline in profit after tax before individually material items down to $386.2 million. Furthermore, Orica's guidance for the year ahead was a touch soft. I would suggest investors stay clear of its shares despite this large decline.
The Westpac Banking Corp (ASX: WBC) share price is down almost 2.5% to $32.50 following the release of its full-year results. Although Westpac reported a 3% increase in full-year profit to $8,062 million, it ultimately fell short of market expectations. A $118 million provision for refunds and other payments to customers played a key role in the miss. While its shares are looking to be better value now, I would hold off until they are between $30 and $31.
