The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) fell 0.5% yesterday to close at 4,027.8, recovering from a 1% fall at midday, shrugging off the positive signs from Wall Street overnight, as – you guessed it – European economic news was front and centre with Spain becoming the fourth country to ask for financial help.
These three stocks all fell by more than 6%.
Funtastic Limited (ASX: FUN) shares dropped 12.5% to close at 14 cents, after recommencing trading following a $24.6m capital raising. New shares were offered to investors at 14.5 cents each with funds raised to pay down debt of $15m, and to improve its brand portfolio. As a toy importer and distributor, Funtastic is caught in the middle of retailers trying to reduce costs, manufacturers trying to increase prices, and consumers buying cheaper goods online. Not a happy place to be.
Tissue Therapies Limited (ASX: TIS) saw its shares slide 7.4% to close at 50 cents. In mid-afternoon trading today, the stock was down another 5%. The company that develops products to aid wound healing and tissue regeneration, has seen its share price yo-yo, pending further news on clinical trials it is undertaking. A lack of any positive or negative news has seen investors sell the stock down on suspicion.
Jetset TravelWorld Limited (ASX: JET) slumped 6.6% to 35.5 cents, and is now down more than 49% since early January 2012. The travel agent has been struggling with weak economic conditions, and it's likely that the conditions haven't changed much in the last two months, traditionally the company's busiest period.
Other stocks suffering large falls include Billabong International Limited (ASX: BBG), down 48%, Tower Limited (Australia) (ASX: TWR), which fell 8%, and Macquarie Radio Network Limited (ASX: MRN), which lost 7.1% on the day.
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Motley Fool contributor Mike King doesn't own shares in any companies mentioned. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it's still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.