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6 stocks sinking on the ASX today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has closed down 0.2% at 5,259.3 points as the market struggled to get its head above water and keep it there. Sectors ended the day mixed, with gold and telecommunication services up 0.55% and 0.5% respectively, while industrials and A-REITs fell 1.8% and 1% respectively.

These 6 stocks were among the biggest fallers on the ASX…

Cardno Limited’s (ASX: CDD) share price crashed 43.7% to $1.7, after the consulting and environmental services company came out of a trading halt following a rights issue. Cardno is raising $78 million to shore up its balance sheet, offering shares to existing shareholders for $1.00 each – hence the price fall.

Spotless Group Holdings Ltd (ASX: SPO) share price plummeted 39.8% to $1.33, after released a profit downgrade just six weeks after declaring “FY16 results to materially exceed the FY15 results”. Here are the nitty-gritty details. Another private equity listing that’s fallen in a big hole.

1-Page Ltd (ASX: 1PG) share price sank 12.9% to $3.05, continuing to lose altitude after hitting a share price of $5.69 in September. It seems investors are taking profits after realising that shares may have been pushed up too far for a company that generates little revenues as yet.

Metcash Limited’s (ASX: MTS) share price fell 7.1% to $1.56, having gained more than 40% in the past month. An upbeat half-year report and growing profits this week have contributed to the gains, but it seems clear the market is still not sure where to value Metcash’s share price.

Netcomm Wireless Ltd’s (ASX: NTC) share price dropped 6.4% to $2.95, having soared 600% so far this year. The company makes and supplies modems and routers, including fixed wireless for Australia’s National Broadband Network (NBN). Netcomm recently announced a deal with a large US telco to supply it with fixed wireless devices.

iSelect Ltd (ASX: ISU) share price also lost 6.4% to close at $1.24, possibly after Harness Asset Management released a report suggesting the online health insurance comparison site lacks positive free cash flow and may have lost some earnings power from the sale of a subsidiary.

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

Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. 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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