3 ASX stocks that were slammed yesterday


The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) rose 2% to close at 4,136.9 – the market’s best day in five months, as Greece’s pro-austerity parties claimed a victory in the weekend elections. These 3 stocks didn’t fare as well, falling by 3.6% or more.

Gloucester Coal Limited (ASX: GCL) fell a huge 41.9% to close at $4.11, as the stock went ex-entitlement to a special dividend and capital return totalling $3.15. The company is paying shareholders a capital return of $2.68 and a special dividend of 47 cents per share, as part of the company’s merger with Yancoal Australia.

SP AusNet (ASX: SPN) slumped by 8.8% to close at $1.035 after issuing 87m shares to retail investors at $1.00 per share as part of its $434m capital raising. According to the company, the proceeds will be used to expand its asset base and other growth opportunities (read: acquisitions). SP AusNet manages a $6.3 billion electricity and gas network that services more than 1 million customers throughout Victoria.

Echo Entertainment Group Limited (ASX: EGP) fell 3.6% to close at $4.33, as the company begins its 1 for 5 rights offer which is expected to raise $454m. Shareholders have been offered new shares at a price of $3.30. The proceeds will be used to pay down debt, as part of an agreement with Echo’s bankers.

Other losers include OceanaGold Corporation (ASX: OGC) down 3.4% to $2.01 and Seven West Media Limited (ASX: SWM), down 3.2% to $2.13.

If you’re in the market for some less risky, high yielding ASX shares, look no further than Secure Your Future with 3 Rock-Solid Dividend Stocks. In this free report, we’ve put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.

More reading

Motley Fool contributor Mike King doesn’t own shares in any companies mentioned. The Motley Fool‘s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

OUR #1 DIVIDEND PICK FOR 2016...

Forget BHP and Woolworths. This "dirt cheap" company is growing like gangbusters, and trading on a 5.6% dividend yield, FULLY FRANKED (8% gross). With interest rates set to stay at these low levels for years to come, for hungry investors, including SMSFs, this ASX company could be the "holy grail" of dividend plays for 2016.

Enter your email below to discover the name, code and a full investment analysis in our brand-new FREE report, “The Motley Fool’s Top Dividend Stock for 2016.”

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our https://www.fool.com.au/financial-services-guide">Financial Services Guide (FSG) for more information.