Local shares are trading mostly flat today, with losses from the miners being mostly offset by gains from the banks. But outside those sectors, there are some bigger movers, including these four shares which are falling heavily today.
1-Page Ltd (ASX: 1PG) has endured a horror run over the last six months or so. Its share price fell 19.6% on Wednesday and it's down another 14% today at just $1.66. 1-Page is a highly speculative software-as-a-services (SaaS) business, focused on human resources, and it's possible that investors are reacting negatively to its stated plans to increase cash burn in 2016. It has the cash to do just that, but its operating cash flows and overall revenue are still very low, which is something investors seem to not approve of.
Slater & Gordon Limited (ASX: SGH) has had an even worse run than 1-Page in recent months. Its shares have fallen 3.9% today to 37 cents, which is more than 95% below their April 2015 high. Although there is no fresh news driving today's fall, it seems investors are still torn between buying its shares at such a heavy discount to their peak price of $8.07 (indeed, they rose 5.5% on Wednesday), or selling them based on the fear that things could get even worse.
BC Iron Limited (ASX: BCI) shares have fallen 5.3% today to trade at 18 cents. They traded as low as 11 cents a little over a week ago and then rallied as high as 26.5 cents on Tuesday after a strong rebound in the iron ore price. Iron ore fell 8.8% again overnight. This has prompted investors in the sector to rethink the sustainability of these gains with some possibly taking their profits off the table.
QBE Insurance Group Ltd (ASX: QBE) shares have shed 3.4% today to $10.76, although they did drop as low as $10.66 earlier. While a downgraded guidance from Outperform to Neutral by Macquarie yesterday could be having an impact on the price today, the fall is more likely attributed to the shares going ex-dividend. Investors who owned the shares going into today's session will receive a dividend of 30 cents per share, fully franked.
