The S&P/ASX 300 (Index: ^XKO) (ASX: XKO) closed 0.6% higher today, as large cap resources and energy stocks staged a recovery. The gold sector absolutely flew, rising 5.2%, after the gold price surged overnight.
But, as we often say, a higher market doesn't necessarily mean all stocks had a good day. In fact, according to Yahoo Finance, 351 companies fell.
Here are five of those companies that saw large price falls…
Energy Resources of Australia Limited (ASX: ERA) saw its share price crash 20.8% to $0.31, after the uranium miner announced that the Mirarr Traditional owners don't support an extension to the Ranger Authority. The existing Authority permits mining and processing activities until January 2021, which means ERA is effectively a miner without a mine. As I wrote back in June, the writing was on the wall then, so existing shareholders shouldn't be surprised by today's share price fall.
Ports and rail operator Asciano Ltd's (ASX: AIO) share price sunk 7.6% to $7.88, after the Australian Competition and Consumer Commission (ACCC) said it had reservations about a proposed takeover of the group. Brookfield Infrastructure Partners is leading a consortium bidding for Asciano, but the ACCC says the integration of Asciano's Pacific National and Brookfield's rail network in WA and Dalrymple Bay coal terminal in Queensland would substantially lessen competition. The ACCC appears to have stopped that takeover – hence the share price fall.
Dick Smith Holdings Ltd's (ASX: DSH) share price fell 4.5% to $1.39 and have now lost 34% since the start of this year. That's despite what appears to be a very cheap price. Dick Smith has a trailing P/E ratio of 8.7x and a whopping dividend yield of 8.6%. Some reports suggest the company could be a takeover target now thanks to its plunging share price. Perhaps a bargain waiting to be grabbed?
GBST Holdings Limited (ASX: GBT) continues to see its share price smashed, losing another 2.9% to $3.65 today. GBST saw its shares fall 23% earlier this week as we reported here. The software company recently downgraded its earnings guidance significantly, and investors appear concerned that more downgrades could be on the cards.
Iron ore miner and steel producer Arrium Limited's (ASX: ARI) share price fell another 4.8% to $0.10 today and have now fallen 71% over the past 12 months. The company is reportedly trying to sell its grinding media division Moly-Cop, with reports it could reap as much as $2 billion. Just for comparison, Arrium's market cap is a lowly $279 million. The problem for the company is that it is its most lucrative asset, and Arrium may face pressure to wind the company up if it sells out. Think the board will want to sell out and lose their jobs?
