In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to have a strong start to the week. At the time of writing the index is up 0.5% to 6,267.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have started the week in the red:
The AVZ Minerals Ltd (ASX: AVZ) share price has tumbled a further 8% to 11 cents. The lithium-focused mineral exploration company's shares have fallen significantly since it announced a mineral resource estimate that was the biggest in the world. Investors don't appear to be overly convinced that the company will be able to ever to benefit from the world class asset due to its location in the centre of Africa and a significant distance from any ports.
The FlexiGroup Limited (ASX: FXL) share price has plunged 14% to $1.96 after announcing the departure of its CEO. According to today's release, Symon Brewis-Weston has resigned effective from September 3 and will be replaced by Prospa executive Rebecca James on October 15. The company also reaffirmed its profit guidance for FY 2018 in today's release.
The Myer Holdings Ltd (ASX: MYR) share price has fallen over 4.5% to 51 cents despite there being no news out of the department store operator. Last week Myer's shares rocketed around 20% higher without a reason, which I suspect may have led to some profit taking from investors today.
The SEEK Limited (ASX: SEK) share price has dropped almost 9% lower to $20.02 following the release of a trading update. This morning the job listings company announced that it would be recognising impairment charges totalling $178 million in relation to its Brazilian and Mexican businesses. This has been offset slightly by a non-cash fair value gain on its investment in Maimai. In addition to this, SEEK advised it would hit the top end of its guidance this year, but signalled a significant slowdown in earnings growth in FY 2019 due to high levels of investment in its key businesses.
