5 stocks sinking on the ASX today

The S&P/ASX 300 (Indexasx: XKO) (ASX:XKO) closes flat, but these 5 dropped by more than 4%

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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?

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.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »