In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has pushed higher and is up 0.3% to 5,937 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are ending the week in the red:
The Afterpay Touch Group Ltd (ASX: APT) share price has fallen 3% to $7.35. Earlier today RBA deputy governor Guy Debelle warned that interest rate rises pose a risk to asset valuations at a speech in Sydney. This appears to have led to a number of shares trading on high multiples dropping lower during trade on Friday.
The Metcash Limited (ASX: MTS) share price has tumbled 4.5% to $3.03 after the wholesale food distributor lost its grocery guru, Steven Cain, to Coles. Mr Cain will be the new Coles CEO when it spins-off from parent company Wesfarmers Ltd (ASX: WES) later this year. While it still requires shareholder approval first, I expect this to be a mere formality.
The Mayne Pharma Group Ltd (ASX: MYX) share price is down 2.5% to 74.5 cents despite the pharmaceutical company announcing the launch of doxycycline monohydrate immediate release capsules in the United States. This is a generic alternative to Monodox, a tetracycline-class antibacterial indicated for the treatment of a number of infections, including adjunctive therapy in severe acne. Investors don't appear to believe this product will move the needle too much.
The Sandfire Resources NL (ASX: SFR) share price has dropped over 2% to $7.98 after being downgraded to an underperform rating by analysts at Credit Suisse. According to the note, although the broker has upgraded its price forecasts for copper in 2018 and the first-half of 2019, it still believes the copper miner is overvalued. Credit Suisse has a $6.10 price target on Sandfire's shares, implying potential downside of over 23% for its shares over the next 12 months.
