After a bad start to the day the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back and is up 0.3% to 5,744 points in afternoon trade.
Four shares that have failed to follow the market higher today are listed below. Here's why they have sunk lower:
The Boral Limited (ASX: BLD) share price is down almost 5% to $5.36 on the day of its annual general meeting. Ahead of the meeting the building products company released its first-quarter trading update. That update revealed that its first quarter performance has been impacted by a reduction in building construction activities due to poor weather. However, management's guidance for the full year remains largely unchanged.
The BWX Ltd (ASX: BWX) share price has continued its decline and is down a further 6% to $2.63. The personal care products company's shares fell heavily on Monday following the release of a trading update which revealed that normalised EBITDA in FY 2019 is expected to be broadly in line with its FY 2018 result. BWX CEO Myles Anceschi has blamed the disruption caused by the failed takeover for the poor performance.
The Lovisa Holdings Ltd (ASX: LOV) share price has plunged 19% to $6.78. This morning the jewellery retailer provided a trading update ahead of its annual general meeting. According to the release, Lovisa has seen its comparable store sales decline 0.9% year to date. Management is optimistic that things will improve during the all-important Spring Racing and Christmas trading periods, but some shareholders aren't sticking around to find out.
The Resapp Health Ltd (ASX: RAP) share price has crashed 50% lower to 11 cents after the release of the digital health company's SMARTCOUGH C-2 study results. Those results were well below expectations and have left investors concerned that the technology doesn't have a future. I would suggest investors resist buying the dip and focus on investment opportunities elsewhere in the sector.
