The S&P/ASX 200 (INDEXASX: XJO) (ASX: XJO) has closed up 0.3% at 5,697.90 as CSL Limited (ASX: CSL) soared above the $100 mark, and despite falls in major mining, oil and gas stocks.
These five were the biggest losers today – all resources or energy companies:
Liquefied Natural Gas Ltd (ASX: LNG) ("LNGL") crashed down 9.1% to $2.91. On global markets overnight, oil prices tumbled, with the Brent Crude benchmark sinking below US$50 a barrel. US WTI Crude was already there, trading at US$45.61 per barrel. With gas prices linked to oil prices, investors may be fearful that LNGL could face some pressure as it tries to get its 8 million tonnes per annum US LNG processing and export plant developed.
Independence Group NL (ASX: IGO) fell 7.6% to $3.29. Independence presented yesterday at the annual Diggers and Dealers Mining Forum. The company is a gold and base metal miner, with its flagship asset being 30% of the Tropicana gold mine in WA. Unfortunately, for Independence, gold and base metals prices continue to fall, causing havoc for shareholders.
Northern Star Resources Ltd (ASX: NST) lost 5.6% to $2.03. Australia's second-largest gold miner was hit by tumbling gold prices. Spot gold fell to US$1,087 an ounce and continues to trend down. Further falls may be on the way, meaning Northern Star shareholders will either need to hang on and hope things get better, or get out and find a better idea. Looks like some investors did that today.
Sirius Resources N.L. (ASX: SIR) tumbled 5.2% to $2.71. The nickel miner is also feeling the pressure from tumbling commodity prices, with nickel and copper both sinking. Sirius is under a takeover offer from Independence Group – with the latter offering 0.66 Independence shares for each Sirius share. That means where Independence shares go, so too will Siruis's. Sirius is expected to demerge its assets outside of the Nova-Bollinger project into a new company called S2 Resources Ltd.
Paladin Energy Ltd (ASX: PDN) closed down 5.1% at 18.5 cents. The uranium miner continues to see its shares fall, and it remains to be seen whether the company will survive in its current form. Production costs above the breakeven price for uranium and a bucket load of debt mean Paladin has one foot in the grave already.
