In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from a morning in the red and is 0.1% higher at 5,601.3 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have started the week in the red:
The Australia and New Zealand Banking Group (ASX: ANZ) share price is down over 2% to $24.23. Investors have been selling bank shares after the RBNZ proposed additional capital requirements for New Zealand banks. Management advised that "it remains too early to determine the extent to which this could impact the capital levels held by the ANZ Group." This decline means ANZ Bank's shares are now trading within sight of their 52-week low.
The Australian Pharmaceutical Industries Ltd (ASX: API) share price has fallen over 7% to $1.48. On Friday the pharmacy chain operator and distributor's shares rose strongly after proposing a merger with rival Sigma Healthcare Ltd (ASX: SIG). Today's decline has wiped out those gains and more. Sigma's shares are down 1% today as well.
The BWX Ltd (ASX: BWX) share price has fallen 3.5% to $2.84 despite there being no news out of the personal care products company. But with its shares up there as one of the most shorted on the Australian share market, I can't say I'm surprised to see them drifting towards their 52-week low today. I would suggest investors stay clear of BWX until its sales performance improves.
The Vita Group Limited (ASX: VTG) share price is down 4.5% to $1.04 today. Investors have continued to hit the sell button despite the retailer announcing that telco giant Telstra Corporation Ltd (ASX: TLS) has extended its Telstra Dealer Agreement and Master Licence for a further year through to June 30 2024 after it achieved its FY 2018 performance criteria.
