It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At the time of writing the benchmark index is down almost 0.9% to 5,854.2 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Kidman Resources Ltd (ASX: KDR) share price has tumbled 3.5% lower to $1.04. On Monday the lithium miner's shares stormed higher following the release of the results of its pre-feasibility study on its refinery and also an updated scoping study on the proposed Mt Holland lithium mine and concentrator. The studies confirmed that the integrated project has a compelling business case with attractive economics. It appears as though some traders are taking profit today.
The McGrath Ltd (ASX: MEA) share price has sunk 6% lower to 31.5 cents after providing a first quarter update and guidance for the full year. Due to the weakening housing market McGrath posted an EBITDA loss of $1.9 million during the first quarter. It expects another smaller loss in the current quarter before a notable improvement in the second half. Management advised that it expects to at least breakeven on an EBITDA basis in FY 2019.
The Nick Scali Limited (ASX: NCK) share price is down 5% to $5.67 on the day of its annual general meeting. The furniture retailer is another one that is struggling with the weakening housing market. Although Nick Scali had a reasonably positive first quarter and reported a 12% lift in written sales order and a 2% increase in comparable sales orders, comments on tough trading conditions appear to have spooked investors
The WPP Aunz Ltd (ASX: WPP) share price has crashed 36% lower to 49.5 cents after the marketing company announced the resignation of its CEO and updated its full year guidance. WPP had previously stated that it expected earnings per share growth of 3% in FY 2018, but this has now been downgraded to a 12% to 15% decline. The underperformance of certain production businesses and creative agencies has been blamed for the worrying downgrade.
