From an early fall, it was looking like another down day on the S&P/ASX 200 Index (Index: ^AXJO) (ASX: XJO), but better than expected Chinese economic data powered a rally in 19 of the top 20 stocks, with the index rising 1%.
However, it wasn't all good news.
These four sunk by more than 5% and here's our take…
Clinuvel Pharmaceuticals Limited (ASX: CUV) sinks 20% to $3.91 despite no news from the company. Despite today's fall, Clinuvel is still up 60% since August 25. Last week the company announced a joint venture with biotech Lab Singapore to develop formulations for a number of its products. Clinuvel shares have soared since NASDAQ listed Retrophin announced a takeover offer in July, which was declined by the board.
Tissue Therapies Limited (ASX: TIS) has lost 16.7% to close at 35 cents, also despite no new announcements from the company. As a result, shares in the tissue regeneration biotech company have dropped 1.4% in the past month, including today's fall. The company is still awaiting European approval to sell its wound healing product, VitroGro.
Onthehouse Holdings Ltd (ASX: OTH) has dropped 7.3% to 51 cents, after the company announced that CEO Michael Fredericks was stepping down pending investigation by the board over a civil matter he is involved in. Mr Fredericks is reportedly being sued by one of the original investors in the business, with allegations that Fredericks took trust money and paid personal credit card debts.
Papillon Resources Limited (ASX: PIR) has dropped 5.7% to $1.49, after the Federal Court approved the merger with Canadian-listed B2Gold Corp. B2Gold Corp had offered Papillon shareholders the equivalent of $1.72 per share, with 0.661 B2Gold shares for each Papillon share in early June this year. But B2Gold shares have been crunched since, including 5.5% overnight.
