In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it four days in a row of gains thanks to a strong performance in the telco sector. At the time of writing the index is up almost 0.3% to 6,369 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:
The Atlas Arteria Group (ASX: ALX) share price has fallen almost 4% to $6.78. The toll road company, formerly known as Macquarie Atlas Roads, released its half year results this morning and posted a statutory net loss of $15.5 million. Aggregate portfolio traffic grew 3.4% compared to the prior corresponding period. reflecting strong traffic growth in its European assets. This led to proportionate revenue increasing 5.6% to $559.9 million.
The PMP Limited (ASX: PMP) share price has plunged 14.5% lower to 20.5 cents after the commercial printer released its full year results. PMP posted a 12.8% decline in sales to $734 million and another net loss after significant items. This year's net loss was $43.8 million, down from a loss of $126.4 million in FY 2017. Net debt increased 77% to $32.8 million and is expected to increase again in FY 2019. This is a company I would suggest investors stay well clear of.
The Ramsay Health Care Limited (ASX: RHC) share price dropped 6% to $54.67. This morning the private hospital operator released a disappointing full year result and surprisingly weak guidance for the year ahead. Due to tough trading conditions across its business, Ramsay is expected to grow core EPS by up to 2% in FY 2019. I think its shares are overvalued given its current growth profile.
The RCR Tomlinson Limited (ASX: RCR) share price has sunk almost 57% lower to $1.21 after successfully completing its institutional entitlement offer. A total of $70 million was raised at a significant discount of just $1.00 per share. A retail component will now be undertaken at the same offer price. RCR is seeking to raise approximately $100 million to avoid the risk of breaching financial covenants.
