In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up slightly to 5,939 points ahead of the FOMC meeting in the United States overnight.
Four shares which have acted as a drag on proceedings today are listed below. Here's why they have sunk lower:
The Crown Resorts Ltd (ASX: CWN) share price is down 1.5% to $12.86 after the casino and resorts operator announced that James Packer has resigned as a director for personal reasons. Crown's Executive Chairman, John Alexander, stated that, "We have appreciated James' contribution to the Board and respect his decision to step down from his role as a director at this time."
The Freedom Foods Group Ltd (ASX: FNP) share price has fallen almost 3.5% to $5.00. On Tuesday Freedom Foods advised that it has successfully completed the institutional component of its $200 million equity raising. The company has raised approximately $182 million at an offer price of $4.80 so far. The $18 million retail component of the equity raising opens tomorrow.
The Vicinity Centres Re Ltd (ASX: VCX) share price is down 2.5% to $2.46 ahead of tonight's FOMC meeting. A number of shares classed as bond proxies have come under pressure today amid concerns that bond yields could widen greatly if the U.S. Federal Reserve indicates plans to raise rates four times this year. I wouldn't be a buyer of bond proxies at this point due to being hawkish on U.S. rates and inflation.
The Wattle Health Australia Ltd (ASX: WHA) share price has dropped almost 3% to $2.49 despite there being no news out of the fledgling infant formula and baby food company. Wattle Health's shares have been on a tear recently after rebounding from a significant post-earnings decline. The market initially appeared to be concerned by its lack of revenue and sizeable loss, but has seemingly moved on from this now.
