The ALL ORDINARIES (INDEXASX: XAO) (ASX: XAO) has managed to close in the green today, despite falling 0.4% at the open. A recovery in BHP Billiton Limited's (ASX: BHP) shares was the main reason for the market heading upwards. Atr the close, the All Ords was up 0.4% at 5,579.20.
Across the ASX, several stocks managed to disappoint investors…
Atrum Coal NL (ASX: ATU) crashed 40.8% to 70.5 cents, after trading in the company's shares was reinstated following a trading halt. The main reason the shares fell so far was a capital raising. Atrum wants to raise $5 million and is offering shareholders one new share for every 17 they hold at a price of 50 cents per share, plus one free option for every 2 shares subscribed for in the rights issue. Atrum has the world's largest high-grade anthracite mine under development in Canada. Anthracite is very high-quality coal.
CuDeco Limited (ASX: CDU) also saw its share price smashed, losing 41.5% to 99.5 cents, after chairman, CEO and founder Wayne McRae resigned from the company. It was either jump or be pushed, with a group of major Chinese investors agreeing to support the company on the condition that Mr McRae resign. CuDeco is attempting to bring the Rocklands Group Copper Project near Cloncurry in Queensland into production, which was initially estimated at late 2012.
Liquefied Natural Gas Ltd (ASX: LNG) ("LNGL") flopped 8.8% to $3.21 and has now lost around 37% since early May as my colleague Ryan Newman mentioned earlier today. The company's shares can be quite volatile even when there is no company-specific news out, as today's fall shows. LNGL is developing an LNG processing and export plant in the US and has the backing of some high-profile investors including Seth Klarman's Baupost Group.
Capitol Health Ltd (ASX: CAJ) fell 6.5% to 72 cents, despite the company announcing that it expected to report a 23% increase in revenues and a 58% increase in underlying net profit before tax. The diagnostic imaging provider made a number of acquisitions in the 2015 financial year that impacted reported earnings – which appears to have scared off investors. As a shareholder, I'm not in the slightest bit concerned and looking forward to seeing the 2016 financial year's results next year.
Education provider Navitas Limited (ASX: NVT) saw its share price drop 6.4% to $4.27, despite it too reporting a strong rise in revenue and net profit for the 2015 financial year. It seems investors were more concerned with the company's flat earnings forecast for the 2016 financial year. Navitas warned that there were 'unprecedented' changes being experienced by the education sector globally.
