After a rocky start the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back and is up almost 0.1% to 5,944 points in afternoon trade.
Four shares acting as a drag on the market today are listed below. Here's why they have tumbled lower:
The BHP Billiton Limited (ASX: BHP) share price has tumbled 4.5% to $29.87 after the mining giant's half-year result fell short of expectations. BHP delivered first-half EBITDA of $11,238 million, up 14% on the prior corresponding period. The market had been expecting EBITDA of $11,530 million for the half. One positive, though, was its sizeable dividend increase to 55 U.S. cents per share. I think BHP is very attractive after today's decline.
The Fortescue Metals Group Limited (ASX: FMG) share price has dropped 4% to $5.16 after the iron ore producer reported a 44% decline in net profit after tax to $681 million. Fortescue's performance was impacted by a widening discount between the low-grade ore it produces and the benchmark 62 fines. Like BHP, I think Fortescue could be a good investment option in the resources sector after this decline.
The Vocus Group Ltd (ASX: VOC) share price has fallen 5% to $2.44 a day after the release of the telco company's disappointing half-year result. One broker that wasn't overly impressed with its result was Macquarie. A note out of its equities desk today reveals that its analysts have retained their underperform rating and cut the price target on its shares to $2.50 from $3.05.
The WiseTech Global Ltd (ASX: WTC) share price has plunged 22% to $11.42 despite the logistics software platform provider posting a 31% increase in half-year revenue and a 32% increase in EBITDA on the prior corresponding period. Furthermore, management advised that the company is on track to achieve its FY 2018 guidance. I suspect investors had been anticipating a guidance upgrade today.
