The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) zoomed 0.8% higher today, and the market appears back on track to break through the 6,000 barrier.
But as we always say, just because the market rose today, doesn’t mean every stock did either. Here are 4 smaller companies that didn’t feel the love from shareholders today.
Gold miner Alkane Resources Ltd (ASX: ALK) fell 7.9% to 29 cents. Alkane says its total all-in sustaining costs for the quarter soared to $1,588 an ounce, and it produced 13,947 ounces in the quarter. That was below the average price it received for its gold – at $1,472 an ounce. Investors will be hoping the company can get its production costs back on target.
Hansen Technologies Ltd (ASX: HSN) dropped 6.4% to $2.20, despite no news from the company. Hansen provides customer care and billing systems software into a number of countries including Australia, UK, USA, New Zealand, China and Argentina. In a recent presentation, the company says it is targeting operating revenue in excess of $95 million and an earnings before interest, tax, depreciation and amortisation (EBITDA) margin of 25%-30%. Favourable trading conditions will see the company hit the top of that target range.
Covata Ltd (ASX: CVT) saw its shares sink 4.8% to 59 cents – again with no news from the company. Still, shares are up more than 150% in the past 12 months, as the company has made several positive announcements about new markets and contract wins for its security products, including a ten-year licencing deal with internet giant Cisco in March this year.
Petroleum company Buru Energy Limited (ASX: BRU) continues its selloff, losing another 4.4% today, after falling 5.8% on Friday. As we reported, the resignation of non-executive director Peter Jones on Friday could have contributed to the fall, as oil prices rose on Friday. A falling Australian dollar and recovering oil prices should see Buru track higher over time.
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The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.