It hasn't been a great start to the short week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 1.1% to 5,824 points.
Four shares which have tumbled more than most are listed below. Here's why they have started the week with sharp declines:
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen 5% to $5.22 after iron ore prices continued to plunge. According to Metal Bulletin the spot price for the benchmark 62% fines fell 3.5% overnight to US$66.25 a tonne. Today's decline means the iron ore miner's shares have now fallen over 22% in the last 30 days.
The Newcrest Mining Limited (ASX: NCM) share price is down 4% to $24.05 following a sell-off of the gold miners. Despite the gold price staying reasonably firm at US$1,283 an ounce, it appears some investors may have been expecting further gains over the long weekend amid rising tensions in North Korea.
The Pilbara Minerals Ltd (ASX: PLS) share price has slumped almost 11% to 33.5 cents despite the lithium miner's bulk sampling results revealing outstanding grades. Delays to its mining permit approval and offtake and financing discussions appear to have concerned the market.
The TPG Telecom Ltd (ASX: TPM) share price is down 18.5% to $5.42 after emerging from a trading halt. Today's decline is in response to the telco company completing an institutional capital raising for $400 million at $5.25 per share. At the current share price I think TPG Telecom looks like a great buy and hold investment option.
