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5 stocks slammed on the ASX today

The S&P/ASX 300 (INDEXASX: XKO) (ASX: XKO) has closed up just 0.2%, as some of the big banks recovered, while resources and energy stocks were again sold off.

While one-day movements aren’t usually meaningful, it can pay to keep an eye on them. These five companies had a shocker today…

Otto Energy Limited (ASX: OEL) slumped 41% to 3.6 cents, after reporting disappointing results for its Hawkeye well offshore The Philippines, as we covered previously today. It was bad news for the company, which will now switch focus to its properties in Alaska and Tanzania.

Ashley Services Group Ltd (ASX: ASH) crumbled 11.5% to 50 cents, after IMF Bentham Ltd (ASX: IMF) announced that it was funding a shareholder class action – something we said wouldn’t surprise us back in April this year. Ashley Services missed its prospectus forecasts after its training division reported falling enrolments, but perhaps it was the over-optimistic earnings forecasts doing the main damage.

Southern Cross Media Group Ltd (ASX: SXL) dropped 3.7% to 91 cents, despite no news from the company. But it could’ve been the consumer backlash following a multi-million dollar advertising campaign calling for the removal of the reach rule. Many social media users have questioned the real motives behind the regional TV broadcasters, which want to be able to merge with metropolitan broadcasters.

Transpacific Industries Group Ltd. (ASX: TPI) has dropped 3.7% to $0.66. The recycling and waste management company faces charges of breaching workplace safety laws over a fire in 2013 at the Wingfield chemical waste plant, according to a report by ABC News last month. Transpacific shares are down 40% in the past year, as the company attempt to recover back to where it was prior to the GFC – and a share price north of $10.

OzForex Group Ltd (ASX: OFX) has dropped 3.7% to $2.64 – again despite no news from the company. Perhaps it was short term traders following the lead of FIL Investment Management, which recently sold down its position from 10% to 8.3%. Or perhaps it was just traders taking some profits after Friday’s bounce. The currency exchange company inked a deal with accounting firm Xero on Friday and shares jumped higher.

 

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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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