4 shares smashed on the ASX today

Whilst the S&P/ASX 200 (Index:^AXJO) (ASX:XJO) carved out a gain today, Orica Ltd (ASX:ORI) was one of four shares that suffered from a large decline.

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

It has been a moderate start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), with the index carving out a good gain of 0.5% to 5320 points.

It might have been a better start to the week had these four shares not been holding the index back. Here's what caused their declines today:

Australia and New Zealand Banking Group (ASX: ANZ) suffered a decline of 3% today to $24.38 after its shares went ex-dividend. As well as this there could be bad news for ANZ shareholders on the horizon. Possibly adding to the selling pressure we are seeing on its shares today, could be the news that ANZ and Westpac Banking Corp (ASX: WBC) may be the subject of hundreds of fraudulent loans.

Despite today's declines ANZ shares are still up over 5% in the last 30 days.

Orica Ltd (ASX: ORI) shares were hammered today, dropping over 12% to $13.53. This was as a result of the explosive manufacturer reporting its interim results for the six months ending 31 March 2016. Orica's net profit after tax fell by 29% to $149 million. Furthermore, the company slashed its dividend from 40 cents per share all the way down to 20.5 cents per share. Finally the fact that management expects the market to remain challenging for the foreseeable future, has seemingly not filled investors with much confidence.

Orica's shares are now down 32% in the last 12 months.

Sky Network Television Ltd (ASX: SKT) has spent another day sinking, this time by over 6% to $4.03. It would appear that the market is still coming to terms with Friday's news that the New Zealand pay TV operator expects to lose 45,000 residential pay TV subscribers by the end of June 2016. With management stating that it believes the declining subscriber numbers will have a negative impact on FY 2017 earnings, it comes as little surprise to see the share price continuing to decline further today.

Today's decline means Sky Network's share price has now drifted into the negative, with a year-to-date decline of over 5%.

Slater & Gordon Limited (ASX: SGH) shares declined for a fifth-consecutive day, this time by almost 10% to 41.5 cents. As no news was released to the market today, it would appear that Slater & Gordon's decline is a result of profit taking after recent gains saw the share price climb by over 100%. The embattled law firm is likely to see many more ups and down throughout the next few months as it looks to get its affairs in order.

Unsurprisingly Slater & Gordon's share price has dropped by 93% in the last 12 months.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »