The S&P/ASX 200 Index is on course to start the week on a very positive note. In afternoon trade the benchmark index is up almost 0.6% to 6,216 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 Domain Holdings Australia Ltd (ASX: DHG) share price has fallen over 6% to $2.85. Investors have been hitting the sell button after analysts at Macquarie downgraded the property listings company's shares to an underperform rating with a $2.70 price target. The broker made the move after a recent rally took its shares into overvalued territory. This price target implies potential downside of just over 5% from the current share price.
The Lynas Corporation Ltd (ASX: LYC) share price is down almost 2% to $2.07 after the Prime Minister of Malaysia, Mahathir Mohamad, said that the government has "opened up the business to other people, and there are other companies willing to acquire Lynas." The companies that have expressed interest in Lynas have agreed to decontaminate any radioactive materials before bringing them into the country.
The Platinum Asset Management Ltd (ASX: PTM) share price has dropped over 4.5% to $4.68 after the release of a disappointing funds under management (FUM) update on Friday evening. During the month of March Platinum experienced net outflows of approximately $230 million. In light of this, the asset manager finished the period with FUMs of $25,756.5 million.
The Praemium Ltd (ASX: PPS) share price has crashed 18% lower to 45.5 cents after the investment platform provider revealed that one of its biggest clients is moving elsewhere. According to the release, Praemium has been notified by ANZ Private that it has selected an alternative supplier. This is a major blow as ANZ Private currently generates 8% of the company's revenue. It will transition to the new supplier from the new financial year.
