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4 shares sinking on the ASX today

The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) has closed down 1.6% today, with banks in the firing line again like they have been all week.

While the banks sagged and dragged on the index, these four companies saw their share price plunge even further…

Incitec Pivot Ltd (ASX: IPL) saw its share price drop 5.6% to $3.01, despite announcing yesterday that it would save $20 million annually in the 2017 and 2018 calendar years thanks to new gas supply deals with a Shell subsidiary and transportation of gas by APA Group (ASX: APA). The fertilizer, explosives, and chemicals business requires the gas for its Phosphate Hill manufacturing plant in North West Queensland. In November 2015, chairman Paul Brasher said the supply of gas ‘has just about been the single biggest strategic issue facing the board of Incitec Pivot.”

Western Areas Ltd’s (ASX: WSA) share price dropped 5.1% to $2.05, after completing a placement to raise $60 million at $2.00 per share, a discount of 7.4% to the company’s closing share price on 30 March 2016. The nickel miner says the funds will be used to repay debt, pay off the remainder of amounts due for its Cosmos acquisition, and the majority used for working capital. Retail shareholders will now get a chance to buy shares at $2.00 per share under the share purchase plan.

Programmed Maintenance Services Limited (ASX: PRG) share price fell 4.7% to $1.41, despite announcing today that it was selling its non-core software business for $6.8 million. The Damstra workforce software was acquired when Programmed took over Skilled Group in October 2015. That follows the $25 million sale of vessels operated by Broadsword Marine Services – which was also part of Skilled. Could it be investors think Programmed might be selling off assets too cheaply?

Worleyparsons Limited (ASX: WOR) share price slipped 4.5% to $5.14 after media reports suggested the company may have been linked to a company accused of unethical behaviour in securing contracts in the oil and gas industry, Unaoil. Worleyparsons earns most of its revenues from servicing the oil and gas industry, and has denied any relationship with Unaoil, but investors don’t appear convinced. The company’s share price has rallied since mid-February, when it fell as low as $3.11, before spiking up to above $6.

Forget Worlesparsons, Incitec and Programmed

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Motley Fool writer/analyst Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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