Shares in salary packaging firm McMillan Shakespeare fell 2.68% today, adding to a large 5.4% fall yesterday, as investors cashed out their election bets.
The ASX 200 was up slightly, climbing 0.38% throughout the day to close at 5201.2.
McMillan shares lost about half their value in July, when the government proposed to change fringe benefit tax laws. The share price peaked last Thursday, as polls pointed towards a change of government.
“The markets seem to be confused regarding [McMillan Shakespeare],” Assad Tannous of trading advisory Asenna Wealth Solutions told Business Insider this afternoon.
“After discounting a Coalition win, it’s now selling off on the fact. In this case it’s not warranted.”
McMillan will present its FY13 results to investors tomorrow morning. It reported a 14.5% rise in profit to $62 million after the market closed today.
Via investing.com, here’s what happened:
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