The S&P / ASX200 (ASX: XJO) is in the red again today to trade down around 0.6% at 5,695 points as weakness in the heavyweight sectors of banking and resources fails to offset a reasonably positive day in the information technology sector.
Some well known businesses are also performing much worse than the market, so let's take a look at what might be behind their weak performance.
The Mayne Pharma Group Ltd (ASX: MYX) share price is down 4% to $1.07 today despite the pharmaceutical drug retailer releasing no specific news to the market. Mayne Pharma shares have lost around 36% of their value since the November 2016 election of US president Donald Trump, who has attacked the prices charged by US pharmaceutical drugs retailers and vowed to bring them down. This has hurt sentiment around the acquisitive Mayne Pharma that may provide a trading update at its November 29 AGM.
The Syrah Resources Ltd (ASX: SYR) share price is down 7.8% to $1.65 today despite the Mozambique-based graphite miner releasing no specific news to the market. Over November the miner has announced a couple of sales agreements with Chinese and Japanese customers. Despite the company reporting some positive operational updates investors are growing impatient with the lack of revenues so far. The stock is down around 65% in 2018.
The Wesfarmers Ltd (ASX: WES) share price is down 2.5% to $45 after the investment conglomerate and owner of Coles supermarkets held its AGM today. At the AGM its managing director warned that the first quarter sales of growth of 5.8% for Coles was unlikely to be repeated in the Christmas quarter and that current trading was more in line with "the fourth quarter of the 2018 financial year". Although Wesfarmers is set to float Coles, it's probably the sales news that has sent shares lower.
The Class Ltd (ASX: CL1) share price fell 2.5% to $1.73 despite the online self managed superannuation platform provider releasing no specific news to the market. Class shares are now down 38% in 2018 after the group warned that net account growth would not be as strong as expected as previous users such as AMP Limited (ASX: AMP) switch to their own systems.
