The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) eased in late trading, after hitting an intraday 7-year high, and closing in on the 6,000 mark. At the close the index was up 0.5%, just 0.7% away.
The banks, miners and oil stocks led the way up, with a number of the banks hitting multi-year highs.
That didn't help these four, which were battered from pillar to post today…
Satellite company Newsat Limited (ASX: NWT) fell 30% to just 10.5 cents today. We covered the fall in more detail here, but essentially a massive debt load, concerns over whether the company will even manage to get its Jabiru-1 satellite launched, questionable corporate governance and bad publicity (Fairfax site) means the company is on the nose with investors – and likely to stay there.
Myer Holdings Ltd (ASX: MYR) sank 10.8% to $1.655 after the department store retailer announced that CEO Bernie Brookes was leaving the company and a new direction was needed. The retailer has struggled to compete in its space against a wave of offshore retailers setting up shop in Australia, as well as local retailers. Is the department store concept a dead man walking? At this stage, it appears to be.
Nickel miner Sirius Resources N.L. (ASX: SIR) sank 7.2% to $2.97 – despite announcing a 3-year offtake agreement with BHP Billiton Limited (ASX: BHP) for 50% of its forecast nickel sulphide concentrate. Sirius expects to commence production in late 2016 from its Nova nickel prospect. The miner expects to sign agreements for copper sulphate concentrate shortly and the remaining nickel concentrate by mid-2015.
Metcash Limited (ASX: MTS) dropped 7% to $1.46. Today the distributor to independent IGA supermarkets and discounter Aldi signed up for the voluntary supermarket code of conduct, although Metcash has only agreed to adopt some elements rather than sign up in full. Coles and Woolworths are yet to sign up – waiting to see if the code is passed by parliament first.
