The All Ordinaries (ASX: ^AORD) (ASX: XAO) gained 1.2% today after Chinese trade data came in stronger than expected and oil prices stabilised after heavy falls.
That didn't help these 4 companies' share prices, which plunged…
Godfreys Group Ltd (ASX: GFY) share price fell off a cliff, losing 28.3% to $1.14 after the vacuum retailer announced a profit downgrade and replaced its CEO on a slide in same store sales. Colleague Ryan Newman covered the gory details in more depth here, but essentially the retailer has been flogging barrel vacuums when consumers are switching to stick vacuums – at least that's what the company says.
Perseus Mining Limited (ASX: PRU) share price sank 10.8% to $0.33 after gold prices fell 0.4% to US$1,090 an ounce overnight. The spot gold price has been falling steadily over the past year from above US$1,250 an ounce down to current levels and could fall below US$1,000 an ounce if the US Federal Reserve continues to raise interest rates in 2016. Perseus has one producing gold mine in Africa, and other under development but also has relatively high all-in cash costs.
Service Stream Limited (ASX: SSM) share price dropped 9.8% to $0.46, despite no official news from the company. Service Stream is a contractor involved in rolling out Australia's National Broadband Network (NBN) and late last year won a 4-year contract to provide operations and maintenance field services to the NBN, which is worth $40 million of revenues in the first year, and multiples of that in the following years as the rollout increases. Today's fall could be some traders taking some profits after the strong gains from 34 cents in mid-December.
WHITEHAVEN COAL LIMITED (ASX: WHC) share price slipped 9.4% to $0.53. The coal miner has seen its share price fall by close to 60% over the past year, thanks mainly to falling coal prices. Still, Whitehaven says it will be profitable in the first half of the 2016 financial year, with earnings before interest, tax, depreciation and amortisation (EBITDA) of more than $100 million. But with a large lump of debt, the company will need to generate strong cash flows to remain alive.
