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5 stocks sinking on the ASX today

The S&P/ASX 300 (Indexasx: XKO) (ASX: XKO) has ended the day virtually flat at 5,606.6, despite strong leads from Wall Street overnight. The NASDAQ index rocketed up 1.3% while the S&P 500 gained 0.8% and the Dow Jones gained 0.4%.

Have investors given up after all the excitement surrounding Greece in the past few weeks that they’ve decided to have a breather? Perhaps it’s the more than 3% gain by the market this week that has allowed investors and traders alike to take Friday off.

Whatever the case, these 5 stocks aren’t feeling the love today…

Novogen Limited (ASX: NRT) has dropped 11.9% to 26 cents as the biotech company announced that its chemotherapy candidate drug Anisina had been granted Orphan Drug Designation for neuroblastoma. Orphan Drug designation is granted to a product or drug when it will be used to treat a rare disease or condition. Novogen has already received orphan drug designation approval for its Cantrixil drug in April this year, and its TRXE-009 drug was proven to kill brain cancer cells in May. But it seems investors haven’t taken kindly to the news, with many years of trials still ahead for Anisina.

Metro Performance Glass Ltd (ASX: MPP) is down 5.4% to $1.41. The New Zealand-based company produces a wide range of customised glass products used in residential and non-residential construction, such as windows, doors, showers, mirrors and splashbacks. If you’re a shareholder, no need to worry about today’s fall – the company went ex-dividend today – which usually means shares will fall (as buyers are no longer entitled to receive the dividend).

Hills Limited (ASX: HIL) has lost 5.2% to 54.5 cents and the company has now lost more than half its value since the beginning of the year. New CEO Grant Logan has only been in the job since the end of May, so he hasn’t had much chance to turn around the fortunes of the company, although he was Chief operating officer (COO) prior to that, although only since February 2015. Hills is expecting a rough second half of the 2015 financial year, forecasting full-year underlying net profit of between$11 and $14 million. With $9 million coming in the first half, that doesn’t leave much in the second-half. Hills is materially affected (negatively) by the falling Australian dollar.

Boom Logistics Ltd (ASX: BOL) has fallen 4.2% to 11.5 cents. Boom provides crane logistics and lifting solutions but is struggling with contracts in the mining and resources sector. Miners and contractors are all pushing suppliers and sub-contractors for better rates to cut costs. Not only that, but Boom has a bucketload of debt, and recently announced that the second half of the 2015 financial year would be worse than the first as conditions continue to deteriorate in its sectors. Despite that, net tangible assets per share are roughly four times the current share price at ~45 cents.

Mineral Resources Limited (ASX: MIN) is down 4.5% to $5.94. Part miner, part mining services contractor, Mineral Resources owns a 30% stake in the Mt Marion lithium concentrate operation and today announced that China’s second-largest lithium producer Jiangxi Ganfeng Co. Ltd would be taking an initial stake of 25% in the project. Partner Neometals Ltd (ASX: NMT) will see its stake drop to 45% from 70% and will receive US$19.5 million – hence Neometals’ share price rising 8.7% today. Were investors disappointed Mineral Resources hasn’t sold down its stake too?

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Motley Fool contributor Mike King doesn't own shares in any companies mentioned. You can follow Mike on Twitter @TMFKinga

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.

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