Investors have been given no reprieve today with the sharemarket trading in the red for the fourth consecutive session. Although international equity markets were generally higher overnight, the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has shed 0.7%, as has the broader ALL ORDINARIES (Index: ^AXAO) (ASX: XAO).
Here are some of the stocks getting hit the hardest…
Metcash Limited (ASX: MTS) is having a day to forget after it booked a $640 million impairment — which it blamed on tough competition — while it also scrapped its dividend policy. Indeed, these are worrying signs for investors who have responded by selling the stock down 17% to $1.15. They hit a near 14-year low of $1.12 earlier in the session.
Qube Holdings Ltd (ASX: QUB) has plunged 7%, making it the second worst performing stock from the ASX 200 group. Despite difficult trading conditions, the logistics group confirmed that it still expects growth in underlying earnings per share this financial year, but does not expect conditions to improve in the 2016 financial year which has taken some of the heat off the in-demand stock.
Retail Food Group Limited (ASX: RFG) has continued its decline, falling a further 4.5% to trade at $5.68. Earlier in the week, the company, which owns brands such as Gloria Jean's and Pizza Capers, announced that it would take an $18.5 million non-cash write-down as well as a $3.3 million increase in cash costs in order to achieve greater long-term cost savings. The stock has now fallen 16% since the beginning of the month, and 29% since peaking in March.
Sirtex Medical Limited (ASX: SRX) has fallen 5% today to trade at $27.95, extending its slide since Monday. On Monday, the stock soared by as much as 27%, hitting a peak of $34 after the biotechnology group provided another update on its SIRFLOX trial. While the outcome of the announcement seemed promising, it seems some investors are taking their money off the table while the going is good.
