Here’s why these 4 shares crashed on the market today

Credit: Jason Howie

The S&P/ASX 200 (INDEXASX: ^AXJO) (ASX: XJO) continues to edge higher, ekeing out a 0.18% gain to 5159 points in trade today.

A fairly small number of shares underperformed; here are some of the major movers:

Reffind Ltd (ASX: RFN) lost 7% to $0.43 on no news today as considerable investor bearishness continues to afflict unprofitable tech stocks like Reffind, 1-Page Ltd (ASX: 1PG) and a number of similar businesses. Reffind’s most recent results may also have disappointed investors, with revenues of just $157,000 falling a long way short of justifying the company’s valuation. On the plus side, directors Benjamin McGrath and Jamie Pride have increased their indirect stake recently, with company Digital4ge increasing its stake in Reffind from 48% to 48.27%.

Reffind shares are up 90% since launching mid last year.

Worleyparsons Limited (ASX: WOR) dropped 7% to $5.08, erasing yesterday’s leap to $5.64 in a single day as volatility continues to afflict the resources sector. Today’s fall may be attributed to the company’s departure from the S&P/ASX 100 (INDEXASX: ^AXTO) (ASX: XTO) index this morning as a result of a falling market capitalisation. Competitor Monadelphous Group Limited (ASX: MND) also had an off day, losing 4% to $7.28 after trading as high as $8 earlier this week.

Worleyparsons shares are down 44% in the past 12 months.

Regis Resources Limited (ASX: RRL) fell 3% to $2.53 despite a rising gold price overnight. Although a large number of ASX-listed gold miners rose today. The recent increase in the Australian dollar against the US dollar could be partly to blame for the company’s fall, as could the departure of Newmont Capital Ltd (a former 19% shareholder of Regis) from Regis’ shareholder register today.

Today’s falls notwithstanding, Regis shares are still up 120% in the past 12 months.

Superloop Ltd (ASX: SLC) plunged 6% to $1.73 despite being added to the All Ordinaries index this morning, possibly reflecting investor bearishness after the company’s most recent report, which revealed heavy losses. Additionally, a change of CEO may have increased the uncertainty for investors, after founder Mr Bevan Slattery became interim CEO while Mr Daniel Abrahams became Chief Infrastructure Officer, focussing on Singapore. As it stands, Superloop is one of the few data companies on the ASX that hasn’t experienced an explosive rise this year, and may be worth investigating further.

Superloop shares are down 15% since listing mid last year.

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Motley Fool contributor Sean O'Neill owns shares of Reffind Ltd. 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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