It has not been a great day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index has dropped 1.6% to 5,682 points, with every sector falling deep in the red.
Four shares which have made notable declines today are listed below. Here's why they have been crushed today:
The BlueScope Steel Limited (ASX: BSL) share price has dropped almost 7% to $12.13 despite there being no news out of the steel producer. A sharp drop in the iron ore price is likely to be behind the move today. Despite today's decline BlueScope's share price has still gained a massive 31% this year.
The Bubs Australia Ltd (ASX: BUB) share price has fallen 5% to 19 cents. Yesterday the infant formula company was given a boost when it emerged that China has delayed its new cross border e-commerce laws indefinitely. But today's sell off means that Bubs' shares have given back almost all of yesterday's gains.
The Fortescue Metals Group Limited (ASX: FMG) share price has tumbled 5% to $6.29 after the iron ore price fell sharply overnight. According to Metal Bulletin the iron ore spot price fell 4.3% to US$87.59 a tonne. This is the largest percentage fall this year, with many speculating that the latest stockpile build from Chinese steelmakers could be coming to an end.
The NIB Holdings Limited (ASX: NHF) share price has plunged just over 4% to $5.51. Yesterday this leading health insurance provider's shares hit an all-time high of $5.73. Because of this I think today's sharp decline is likely to be attributable to profit-taking from a number of investors.
