In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has faded and is struggling to hold onto earlier gains. At the time of writing the benchmark index is flat at 5,754 points.
Four shares in particular have acted as a drag on the market today. Here's why they have sunk lower today:
Bougainville Copper Limited (ASX: BOC) shares have plummeted 11% to 16 cents following a drop in the copper price overnight. The benchmark copper price fell 1.2% to US$5,580 a tonne on the London Metal Exchange. Today's decline means Bougainville has now lost almost a third of its value in the last 12 months.
Bubs Australia Ltd (ASX: BUB) shares have plunged 6% to 31.5 cents as its rally loses steam and traders take profit. This is a huge swing considering the infant formula manufacturer's shares were actually up as much as 34% to 45 cents in early trade. Despite this the Bubs share price has still gained over 215% since listing on the ASX earlier this week.
Kogan.com Ltd (ASX: KGN) shares have dropped almost 4% to $1.38 today. Today's decline could relate to a research note out of Citi today which warned that Christmas trading in Australia was lukewarm. Kogan's share price could come under further pressure if the much-speculated launch of Amazon in Australia materialises. For this reason I would avoid the online retailer.
Nextdc Ltd (ASX: NXT) shares are down over 2% to $3.50 despite there being no news out of the data centre operator. Much like Bubs I suspect there has been a spot of profit taking going on here. NEXTDC's shares had rallied as much as 27% in the last month prior to recent declines. Whilst I think the company is a little on the expensive side, it does have significant growth potential thanks to the growing demand for data centre services.
