It was another horror day for Australian investors with the local S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 110 points, or 2.1%, at the close. It's currently sitting below the 5100 point threshold with further volatility likely in the near future.
Here are just some of the companies that were deep in the red at the end of Tuesday's session…
Woolworths Limited (ASX: WOW) suffered another significant setback today as its shares plunged 3.1% to just $25.57. The company recently reported its earnings results for the 2015 financial year and although margins remained solid, management did say that lower margins would be recognised in 2016 which could mean a decline in net profit as well.
Greencross Limited (ASX: GXL) also continued its decline today, shedding 5.5% to trade at just $5.55. The vet and pet retail specialist's shares have come under pressure since the company announced the sudden resignation of its CEO last week after just 18 months in the job. The retreat in Greencross' share price could certainly present a reasonable buying opportunity for long-term investors.
Coca-Cola Amatil Ltd (ASX: CCL) was another big-name corporation swept away in today's sell-off, losing 1.8% to trade at $8.25 – just 6 cents higher than its six-year low price. Investors are losing confidence in the company's ability to regain market share in its core Australian market, while it is also battling strong headwinds in its key growth region, Indonesia. Although it does present as a reasonable buy today, investors could do better by focusing their attention elsewhere – at least until the company can prove it's back on the right track.
Fortescue Metals Group Limited (ASX: FMG) shed 6% of its market value with the shares now trading for $1.79. Although the iron ore price rose marginally overnight, investors are continuing to question China's economic growth prospects which could see the price tumble over the coming months, and maybe even years. Fortescue maintains a pile of debt which it could struggle to repay if the iron ore price plunges below today's level.
