It has been another disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 1.4% to 5,677 points.
Four shares which have fallen more than most today are listed below. Here's why they are in the red:
The BHP Billiton Limited (ASX: BHP) share price has fallen 3.5% to $22.13 today. The mining giant's shares have come under pressure following a fall in the oil price overnight. WTI crude oil has now fallen over 20% from its high, putting it in bear market territory. Increased production by OPEC in May is largely behind last night's drop.
The QBE Insurance Group Ltd (ASX: QBE) share price has fallen 9% to $12.04 following the release of a trading update. According to the release, the insurance company's results may be negatively impacted by higher than expected claims activity in the first five months of 2017 from its Emerging Markets segment.
The Retail Food Group Limited (ASX: RFG) share price has tumbled 10% to $4.59 after the franchisor of brands such as Gloria Jeans and Donut King lowered its full-year profit forecast. According to the release, management expects full-year underlying net profit after tax growth of 15% this year. Although today's news was disappointing, at the current share price I think the company could be worth taking a closer look at.
The Western Areas Ltd (ASX: WSA) share price has fallen 7% to $1.93 after the nickel producer released its end of financial year update. Although production is expected to hit the high end of its guidance and unit costs are expected to be at the lower end, the market appears to have been expecting an even better performance. When nickel prices finally improve, I think Western Areas could be a good option in the resources sector.
