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Why these 4 ASX shares have sunk lower today

Unfortunately the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued to sink lower for a second day in a row and in afternoon trade is down 1.2% to 5,687 points.

Four shares which have fallen more than most today are listed below:

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price has fallen for a second day running, this time by 3% to $10.36. Yesterday the regional bank announced changes to the way it accounted for its Homesafe business. These changes mean that its cash earnings no longer benefit from unrealised property gains as they have in the past. It also means its cash earnings won’t now be impacted by falling house prices. Great timing considering recent signs of weakness in the housing market.

The Flight Centre Travel Group Ltd (ASX: FLT) share price is down 4% to $36.04. With no news out of the company, a research note out of Morgan Stanley is likely to be behind today’s decline. Its analysts reiterated their underweight rating and $25.00 price target on Flight Centre’s shares. The broker appears to believe the weak consumer environment could weigh on its results. I think after its strong run in the last few months now might not be a bad time to take some profits off the table.

The Sims Metal Management Ltd (ASX: SGM) share price has tumbled 4% to $13.35 following the release of the metals and electronics recycler’s site tour presentation. Although in the presentation management advised that second-half underlying EBIT is expected to be higher than in the first-half, it appears some investors were expecting more.

The Sealink Travel Group Ltd (ASX: SLK) share price has fallen 3.5% to $3.85. Today’s decline is likely to be related to news that Qantas Airways Limited (ASX: QAN) will offer direct flights to Kangaroo Island from Adelaide and Melbourne from December. At present SeaLink’s ferry service has a near-monopoly on transport into and out of the tourist hotspot.

If your portfolio took a hit today then I would suggest you give it a lift with one of these fast-growing shares. The recent volatility in the share market has left these shares trading at attractive prices in my opinion.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Flight Centre Travel Group Limited. 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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