The All Ordinaries (ASX: AORD) (ASX: XAO) is up 0.7% in late afternoon trading, despite resources stocks taking a pasting today.
Much of that is due to yield hunters looking for income as central banks around the world keep interest rates at record lows.
But that didn't stop investors throwing these four companies out of the bath…
Newsat Limited (ASX: NWT) dropped 21.4% to 11 cents, after warning that it had defaulted on its payments to Lockheed Martin for the construction of the Jabiru-1 satellite. As my colleague Andrew Mudie notes in this article, Newsat faces a number of issues, and could be forced to issue a massive amount of new shares to either current shareholders or new investors to overcome some of its issues. Investors may want to steer well clear – Newsat has the potential to come crashing down to earth.
Gold miner Silver Lake Resources Limited (ASX: SLR) dropped 20% to 24 cents, after again disappointing shareholders with a 19% increase in production costs during the December quarter. Not only that, but Silver Lake also lowered its production guidance from between 125,000 to 135,000 ounces this financial year, to around 120,000 ounces. The company's all-in sustaining costs blew out to $1,413 an ounce during the quarter, from $1,185 per ounce in the September quarter.
Another gold miner, Doray Minerals Limited (ASX: DRM) dropped 9.3% to 49 cents. Doray is close to completing its takeover of Mutiny Gold Limited (ASX: MYG), today announcing that it now holds 88.15% of Mutiny. Doray also has 94% of Mutiny's listed options (ASX: MYGO) on issue. The gold miner recently reported that it had produced 20, 963 ounces of gold in the December quarter, and was on track to meet guidance of between 85,000 and 90,000 ounces of gold this financial year.
Mint Payments Ltd (ASX: MNW) dropped 10.2% to 6.2 cents, despite no news from the mobile payments provider. Shares have dropped 19.5% in the past 5 business days and 83% since this time last year. That's despite a string of new contract (albeit smallish) announcements, but no major one since the MYOB partnership in February 2014. Shareholders are likely waiting for another big announcement and until then, are avoiding the stock.
