In afternoon trade the S&P/ASX 200 index is on course to continue its positive run with another solid again. At the time of writing the benchmark index is up a further 0.65% to 6,283.4 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they have sunk lower:
The Eclipx Group Ltd (ASX: ECX) share price is down 4.5% to 75.5 cents after McMillan Shakespeare Limited (ASX: MMS) announced that the two parties have agreed to terminate the Scheme Implementation Agreement (SIA) with immediate effect. Eclipx has agreed to reimburse McMillan Shakespeare for the $8 million costs incurred to date in relation to the SIA and proposed scheme. Neither party intend to comment further in relation to the merger breakdown.
The JB Hi-Fi Limited (ASX: JBH) share price has dropped over 4% to $23.92. Investors may have been hoping that the Federal budget would have been even more favourable to retailers such as JB Hi-Fi. In addition to JB Hi-Fi, the Harvey Norman Holdings Limited (ASX: HVN) share price has tumbled over 4% lower today.
The Sigma Healthcare Ltd (ASX: SIG) share price has tumbled over 4% to 52.7 cents. Today's decline is almost entirely attributable to the pharmacy chain operator and distributor's shares trading ex-dividend this morning for its fully franked final 2 cents per share dividend. This final dividend will now be paid to eligible shareholders in just under four weeks on April 29.
The Smartgroup Corporation Ltd (ASX: SIQ) share price has crashed 8.5% lower to $7.41 after the salary packaging and fleet management company announced that its managing director and CEO, Deven Billimoria, has offloaded a large number of shares. According to the release, Mr Billimoria sold 1.1 million shares through an on-market trade on Tuesday. He received $7.60 per share or a total consideration of $8.36 million.
