Another night of negative offshore leads and concerns surrounding 'Brexit' has seen the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) trade lower again today.
The main index has lost around 0.35% at the time of writing, although it has recovered some of its losses from earlier in the session.
Four shares that have been particularly hard hit today include:
Virgin Australia Holdings Ltd (ASX: VAH)
Virgin Australia shares are unsurprisingly well into negative territory today after the struggling airline announced a $852 million capital raising at an offer price of 21 cents. The shares have crashed more than 13% to trade near all-time lows on the news which comes after the company completed its capital structure review. This highly dilutive capital raising is yet another reason why many investors chose to stay well clear of investing in this highly capital intensive and competitive industry.
Shares of Virgin Australia have fallen nearly 40% over the past 12 months.
MMA Offshore Ltd (ASX: MRM)
Following on from a brutal day yesterday, shares of MMA Offshore have plunged another 8.8% today to trade at just 31 cents. The company once again highlighted the difficult conditions it currently faces in the offshore oil and gas sector and lowered its full year profit guidance as a result. The update also noted that conditions are expected to remain subdued for FY17 but MMA Offshore expects to see some improvement in the market in FY18 driven by oil and gas markets improving. Nevertheless, 18 months is a long time for some investors to wait and by the looks of the most recent price action, many investors have decided it's time to look for better opportunities elsewhere.
Shares of MMA Offshore have fallen by around 47% over the past 12 months.
Slater & Gordon Limited (ASX: SGH)
Slater & Gordon shares are having another bad day today, falling nearly 5% to 38.5 cents. The company has not released any news to the market but the general sentiment to the law firm seems to have once again turned negative despite it successfully amending its banking covenants in May. Interestingly, I have noticed Slater & Gordon has started to advertise its services again on radio and at various sporting events – something that seemed to stop during its negotiations with its lenders. Whether or not this is a sign that the company is confident it will be able to trade out of its problems is questionable, but there is little doubt the company remains an extremely high-risk proposition.
Shares of Slater & Gordon have lost around 94% of their value over the past 12 months.
Surfstitch Group Ltd (ASX: SRF)
Shares of Surfstitch have maintained their poor form today, falling another 4.6% to just 26.5 cents. The online clothing company has been a real disappointment to investors with a series of profit downgrades and claims of non-compliance with its continuous disclosure obligations. Surfstitch may now have to face a class action from angry shareholders who feel they have been unfairly treated by management who admit they held private briefings with selected shareholders prior to announcing a profit downgrade. Where the company goes from here is anybody's guess but I would not rule out further share price falls from here.
Shares of Surfstitch have fallen by more than 85% over the past 12 months.
