In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to post another disappointing decline. At the time of writing the index is down 0.9% to 5,781.2 points.
Four shares that have fallen more than most today are listed below. Here's why they have sunk lower:
The Aveo Group (ASX: AOG) share price has plunged 8.5% to $1.72 on the day of its annual general meeting. In its presentation the retirement communities company advised that the residential market has softened considerably since August. As a result, its current run rate indicates circa 1,150 sales in FY 2019, compared to its previous guidance of a minimum of 1,500 sales.
The Beach Energy Ltd (ASX: BPT) share price has dropped almost 6% to $1.60 after oil prices crashed overnight. Traders appear concerned that there could be another supply glut after OPEC downgraded its 2019 demand forecasts for the fourth time in as many months. Oil prices are now in a bear market according to technical analysis indicators.
The EML Payments Ltd (ASX: EML) share price has fallen 4% to $1.51. This morning the fintech company released its annual general meeting presentation which provided guidance for FY 2019. Management expects full year EBTDA in a range of $26 million to $28 million this year, up from $20.76 million in FY 2018. Although this will be a 35% increase at the high end of its guidance range, it appears that some investors were expecting stronger growth from EML Payments this year.
The Pact Group Holdings Ltd (ASX: PGH) share price has tumbled 12% lower to $3.17 after the packaging company downgraded its FY 2019 EBITDA guidance to $245 million. This compares to its initial EBITDA guidance of between $270 million and $285 million. Management has blamed the negative impact of on-going lags in recovering higher than anticipated resin costs and higher costs for contract manufacturing materials.
