In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from Friday's decline and is up a solid 0.5% to 6,092 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are starting the week in the red:
The Beadell Resources Ltd (ASX: BDR) share price has plunged 14.5% to 7.1 cents after the gold miner returned to trade after its US$23 million capital raising. The funds raised will allow Beadell to retain its current long-term debt structure, while fully funding the ongoing mill expansion which is expected to be completed on budget in July 2018.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has fallen 7% to $2.53. At one stage its shares were down almost 19% to a multi-year low of $2.19 after the embattled asset manager advised that it would be withdrawing its full-year earnings and fee earning assets under management (FEAUM) guidance for FY 2018. I think this is yet another sign that investors ought to stay well clear of Blue Sky despite how cheap it may look.
The Clearview Wealth Ltd (ASX: CVW) share price has dropped 10.5% to $1.07. With no news out of the company or broker notes that I'm aware of, today's decline is a bit of a mystery. It could be related to an announcement last month that it had scrapped its cooperation agreement with Sony Life. A year after announcing the agreement, nothing had materialised between the two parties.
The Orica Ltd (ASX: ORI) share price has tumbled 7% to $18.86 after the industrial and specialty chemicals supplier released its half-year results. According to the release, Orica posted a first half statutory net loss after tax of $229 million. Even when excluding significant items, net profit after tax for the first half came in at $124 million, down 37% on the prior corresponding period. Management blamed operational issues for the poor performance.
