The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up 0.8% at the close, matching the results on Wall Street overnight. So much for our recent falls, which have now been consigned to history.
But a number of stocks have seen their share prices smashed. Here’s our take on four of them…
Biotech Alchemia Limited (ASX: ACL) has seen its shares plunge 83.1% to 10 cents, after the company’s Phase III trials of the HA-Irinotecan drug did not meet its goals. The company is now conducting a review to find out where the trial went wrong, and to provide the next steps for the company, but the news obviously doesn’t bode well.
Real Energy Corporation Ltd (ASX: RLE) has seen its shares smashed down 20% to 26 cents, despite the oil and gas explorer making no material announcements. The only news out of the company today was one of its major shareholders slightly reducing its stake to 14.4% from 15.8%. Has fear and emotion captured Real Energy shareholders? Certainly seems to have.
Gage Roads Brewing Co Limited (ASX: GRB) has lost 6.5% to 14.5 cents, most likely on the back of Friday’s investor presentation. Which seems strange, given the company is forecasting a period of strong growth in sales ahead, and says it saw a 16% increase in sales in the first quarter, over the prior year. That appears to be directly at odds with the view of investors.
Western Areas Ltd (ASX: WSA) saw its shares drop 5.2% to $4.20. Nickel prices falling to their lowest levels since March this year are likely to be the main culprit. The Wall Street Journal reports that a financing scandal in China has prompted companies to dump tons of nickel onto the market. Nickel is down more than 20% since early September.
These 3 stocks could be the next big movers in 2020
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Motley Fool writer/analyst Mike King owns shares in Gage Roads. You can follow Mike on Twitter @TMFKinga
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