The S&P/ASX 200 index has fought back from a morning decline and is up just over 0.1% to 6,551 points in afternoon trade.
Four shares that have failed to follow the market higher on Friday are listed below. Here's why they are poised to end the week deep in the red:
The Afterpay Touch Group Ltd (ASX: APT) share price has dropped a further 4.5% to $21.55 following the decision by AUSTRAC to order an audit in respect to its Anti-money Laundering Counter Terrorism Financing compliance. On Thursday the payments company's shares finished the day 12% lower amid concerns the financial intelligence agency could force negative changes to the Afterpay business model.
The AMP Limited (ASX: AMP) share price has fallen 5.5% to $2.12 after APRA issued directions and additional licence conditions to the embattled financial services company's AMP Super business. According to the release, APRA's new directions and conditions are designed to deliver enhanced member outcomes by requiring AMP Super to make significant changes to its business practices.
The Challenger Ltd (ASX: CGF) share price has continued its slide and is down a further 6% to $6.54. The annuities company's shares came under pressure on Thursday after the release of an update ahead of its investor day event. Challenger revealed that it now expects to hit the lower end of its downgraded profit before tax guidance range in FY 2019 and warned that profits could sink lower in FY 2020.
The Syrah Resources Ltd (ASX: SYR) share price is down over 2% to $1.05 after the struggling graphite producer was dumped out of the ASX 200 index. S&P Dow Jones Indices revealed that Syrah would be removed from the benchmark index at its June 2019 quarterly rebalance along with Navitas Limited (ASX: NVT) and Seven West Media Ltd (ASX: SWM). They will be replaced with ship builder Austal Limited (ASX: ASB), fast-growing pharmaceutical company Clinuvel Pharmaceuticals Limited (ASX: CUV), and network services provider Service Stream Limited (ASX: SSM).
