The S&P/ASX 300 (Index: ^XKO) (ASX: XKO) has dropped 0.2%, mirroring similar falls on Wall Street overnight. When all four big banks and our two biggest miners are sold off, it was always going to be tough for the index to post a positive day.
Here are 6 stocks that were hammered down hard on the ASX today…
Mining services companies WDS Limited (ASX: WDS), Emeco Holdings Limited (ASX: EHL) and NRW Holdings Limited (ASX: NWH) fell 19.2%, 11.8% and 7.7% respectively. As we mentioned in an article earlier today, the fallout from the iron ore price is spreading across the ASX, with several non-miners hit hard as Atlas Iron Limited (ASX: AGO) ceases operations. As other mines potentially close, mining services companies are facing huge headwinds.
Jet-pack developer Martin Aircraft Company Ltd (ASX: MJP) continues to see its share price rocket up and crash back to earth on a regular basis. Today, shares fell 6.8% to 89 cents, but they have soared as high as $3.15, and traded as low as 40 cents since listing in February this year. As this stage of the company’s life, it’s a highly speculative investment.
Another speculative company, Audio Pixels Holdings Ltd (ASX: AKP), fell 6.7% to $9.00 today, despite no new news from the company since Audio Pixels reported half year results in late February 2015. Audio Pixels is developing digital speakers and has seen its shares more than double in the past year thanks to a series of positive announcements. As the company has yet to derive any revenues or profit from its digital speakers, it should be clear why it retains a speculative label.
Medical Developments International Ltd (ASX: MVP) dropped 6.5% to $2.00. It too had no announcements today, but considering shares have more than doubled in the past year, a slight pullback is not unexpected. Medical Developments produces specialised healthcare products, including pain management drug Penthrox. You can read more about the company in detail here.