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4 shares sinking on the ASX today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up 0.7% in mid-afternoon trading on Friday, but still headed for a big fall for the week of around 1.7%.

Market commentators have so far put the ructions down to a number of risks investors see, including Britain’s potential exit from the European Union (BREXIT), US interest rates to rise, a slowdown in China, and the Federal election in Australia.

These four companies saw their share prices sink today…

Surfstitch Ltd (ASX: SRF) share price down 9.3% at 41.7 cents. Surf, ski and skate wear retailer Surfstitch has had a rough time of it of late, with the share price sinking heavily as we pointed out earlier today. Despite no new news today, investors have probably had enough of the company and are probably bailing out on expectations of more bad news ahead.

Atlas Iron Limited (ASX: AGO) saw its share price sink 7.1% to 1.3 cents after iron ore fell again overnight. The commodity hit US$48.18 a tonne overnight and has now dropped 32% since peaking above US$70 a tonne in April 2016. The junior iron ore miner could struggle to survive if the spot price falls much further from here and remains there, and clearly shareholders are worried.

Ozforex Group Ltd (ASX: OFX) has seen its share price sink 5.5% to $2.145, despite no news from the company. The international payments and foreign exchange services company reported a 10% drop in statutory full-year net profit last month, amid an abandoned takeover by Western Union and losing a major client in the US. Today’s drop looks like some investors have finally had enough of the disappointment and are cashing out.

3P Learning Ltd (ASX: 3PL) share price is down 8% to 69 cents and has now lost a third of its value this week alone. The culprit was the company’s trading update, which warned that revenue growth had dropped significantly in the second half compared to the first half, and that competition had intensified.  The education software provider is still growing and appears profitable, but investors are questioning whether the company has much of an advantage over its competitors.

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Motley Fool contributor Mike King has no position in any stocks mentioned. You can follow Mike on Twitter @TMFKinga

The Motley Fool Australia owns shares of 3PLEARNING FPO. 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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