After a strong start, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) managed to close up 0.6% for the day, and 0.7% for the week, after massive volatility early in the peace.
By sectors, Energy, Gold and Resources all posted strong gains, while information technology and telecommunications both fell more than 1%.
Here's our view on 4 companies that sunk today…
Cash Converters International Ltd (ASX: CCV) share price crashed down 11% to $0.44, after the money lender and pawn shop business swung to a net loss of $21.4 million in the 2015 financial year. The UK business appears to be haemorrhaging, posting a loss of $9 million in earnings. No dividend was declared and the company still faces a number of class actions/lawsuits over pay-day lending. Maybe it should be renamed Crash Converters?
Dick Smith Holdings Ltd (ASX: DSH) share price fell 4.3% to $1.57, after going ex-dividend yesterday. The consumer electronics retailer recently announced that it would expand its range into small consumer appliances – pitting it against the giant Harvey Norman Holdings Limited (ASX: HVN). Harvey Norman has vowed to take the fight to new competitors, vowing to respond to any price war.
Veda Group Ltd (ASX: VED) share price dropped 4.2% to $2.06. The credit bureau and data analytics business recently reported a 12.2% increase in revenues for the 2015 financial year, and predicted more of the same this financial year, but it seems the market was expecting more. Shares have dropped 13% in the last month.
Qantas Airways Limited (ASX: QAN) share price sank 4% to $3.39, perhaps over news that its Jetstar Hong Kong joint venture would be would up after the airline failed to receive permission to operate from the Chinese city. Qantas has said it was insignificant, but it surely puts a dent in the airline's plans to extend its reach into Asia.
