The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to record another decline on Wednesday. In afternoon trade the index is down a disappointing 0.4% to 6,159.7 points.
Four shares that have fallen more than most today are listed below. Here's why they have crashed lower:
The Eclipx Group Ltd (ASX: ECX) share price has crashed 54% lower to 86.7 cents after McMillan Shakespeare Limited (ASX: MMS) announced that it would be unlikely to go ahead with its merger. The latter said: "despite every effort having been made by McMillan Shakespeare to understand the issues facing Eclipx, we do not believe it will be possible to complete the proposed scheme." This morning a trading update from Eclipx revealed that its financial performance had softened further since its last update at the end of January.
The Nufarm Limited (ASX: NUF) share price has been smashed and is down 18% to $4.55. This morning the crop protection and specialist seed company released a disappointing half year result. Due partly to tough conditions in the Australian market, Nufarm fell well short of the market's expectations during the half. This poor performance and its subdued outlook led to the company suspending its dividend and downgrading its full year EBITDA guidance.
The Synlait Milk Ltd (ASX: SM1) share price has plunged 14% lower to $9.63 following the release of the dairy processor's half year results. Although revenue increased 7% to NZ$471 million, net profit after tax dropped 9.7% to NZ$37.3 million. This was driven largely by the new pricing agreement entered into with infant formula giant A2 Milk Company Ltd (ASX: A2M) last July.
The WiseTech Global Ltd (ASX: WTC) share price has returned from its trading halt and is down 2% to $22.65. At one stage the logistics platform provider's shares were down as much as 7% before rebounding strongly. WiseTech Global's shares were in a trading halt on Tuesday whilst it undertook a $250 million placement of shares. Due to increased demand, the company ended up raising $300 million at $20.90 per share. Management advised that the funds will be used to strengthen its balance sheet and support its growth.
