In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rebounded from yesterday's decline and is up a solid 0.6% to 6,264.3 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have sunk lower:
The Hub24 Ltd (ASX: HUB) share price has fallen for a second day in a row and is down almost 7% to $12.28. Once again, several popular platform providers for the financial services industry have tumbled lower today. This could be down to profit taking after they delivered strong gains over the last few weeks following the release of their respective quarterly updates.
The Kogan.com Ltd (ASX: KGN) share price has tumbled over 11% lower to $5.88 following the release of its quarterly update. This morning the company advised that it expects to report revenue growth greater than 40% and EBITDA growth of over 90% in FY 2018. It seems some investors were expecting even stronger growth. When the dust settles I think Kogan's shares could be worth a closer look.
The LiveHire Ltd (ASX: LVH) share price has fallen 5.5% to 52 cents. The talent technology company released its fourth quarter update this morning which revealed annual cash receipts of just over $2 million for FY 2018. While this was a 116% increase on the previous year, it came from a low base. With a market capitalisation of approximately $150 million, I think investors ought to stay away from this one.
The Westgold Resources Ltd (ASX: WGX) share price has continued its decline with a further 9.5% decline to $1.41. On Monday the gold miner released its latest production update which appears to have come in below expectations. For the final quarter Westgold produced 61,461 ounces of gold at an all-in sustaining cost of A$1,557 per ounce, while selling it for A$1,671 per ounce. Investors may be concerned that if the gold price were to decline over the next 12 months it could mean its operations run at a loss.
