The title of biggest loser today goes to Nufarm Limited (ASX: NUF) who was down more than 13% at noon after announcing a 53% drop in first half sales, accrediting the loss to conditions in Australia being extremely challenging.
Adding to the list of losers is Linc Energy Limited (ASX: LNC), who announced earlier this month that it’s Umiat oil field would produce the company with proved and probable reserves valued at approximately $1.5b. Despite this news, and other great results for the year, investors have drained Linc more than 12% of its share price after the issue of senior, unsecured convertible bonds due in 2018. The company will use the proceeds to pay down debts and strengthen its balance sheet.
Joining the list of losers is Troy Resources Limited (ASX: TRY) (TOR: TRY) who recently placed a takeover bid for smaller rival Azimuth Resources Limited (ASX: AZH) (TOR: AZH). Today, Azimuth has recommended shareholders accept Troy’s bid, valuing the company at $188m dollars. As a result, the two parties couldn’t be more divided, Troy is down over 13% whilst Azimuth’s share price is up over 37%.
Another resources company has welcomed positive news, this time it’s a decision from the Environment Court of New Zealand, who issued an interim decision on the substantive appeal against the consents relating to the Escarpment Mine Project. Bathurst Resources Limited’s (ASX: BTU) managing director, Hamish Bohannan says the decision is “excellent news” and reflects the company’s commitment to revegetation and sustainable practices. Planned for the Mount Rochfort Conversation area on the West coast of New Zealand, Bathurst believes between one and four million tonnes of coal per year could be exported from the conservation land. The market has responded with an increase of 15% in its share price.
It’s important to invest in companies you trust with your money. Unexpected domestic or international news can tarnish a company’s share price. Looking past minor fluctuations and slight drop makes for a successful investing career.
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