The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has fallen 0.3%, to close at 4,509.3, despite rises by its international peers overnight, a fall in domestic unemployment and the RBA’s cut to official interest rates yesterday. Rises in our two biggest listed miners also failed to support the market.
Somedays, there’s just no pleasing the market, maybe investors have given up and declared Christmas early.
The Australian dollar has risen against the US dollar, currently buying 104.6 cents.
These three stocks lost 5% or more.
Intrepid Mines Limited (ASX: IAU) slumped 10.17% to close at 26.5 cents. The gold and copper miner appears to have lost control of its flagship Indonesian project, when it was effectively locked out by its Indonesian partner in July. Whether the company can regain control remains to be seen.
Northern Star Resources Ltd (ASX: NST) lost 5.9% to end at $1.20, despite an upbeat presentation by the gold miner earlier this week. Plans by executives and a cornerstone investor to sell down their share of the company may have spooked investors. The company explained the moves as necessary to establish itself as a “blue-chip Australian gold miner”. Investors don’t appear to be having a bar of it.
APN News & Media Limited (ASX: APN) fell 5% to close at 28.5 cents. The media company with publishing, radio and advertising operations has seen its share price more than 83% since the beginning of 2011, as the advertising market fell off a cliff and shows no signs of recovery. With nothing positive on the horizon, investors may be marking the company down.
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Motley Fool writer/analyst Mike King doesn’t own shares in any company 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.
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