4 shares sinking on the ASX today

The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) has gained 0.7% today to close at 5,117.30, with gains across most sectors. Leading the way were the consumer staples and information technology sectors with gains of around 1.7% and 1.6% respectively. The energy and gold sectors both plunged into the red.

While we don’t usually pay a great deal of attention to daily market moves and the madness of markets, sometimes they can indicate material changes to a company’s prospects.

These four companies saw their share prices sink today…

Programmed Maintenance Services Limited (ASX: PRG) saw its share price sink 5.2% to $1.465, but is still up around 4-5% for the week. The maintenance contracting company, which acquired Skilled Group in October last year, had a shocker half year result, impacted by the downturn in the resources sector. In early February, Programmed also said that it expected the situation to get worse before it gets better.

Netcomm Wireless Ltd (ASX: NTC) share price fell 3.7% to $3.15, after the wireless broadband provider announced a profit downgrade. You can read more of the details here, but essentially the company said that its 2016 financial year earnings would be slightly below last year’s result mainly thanks to a $4.3 million investment in staff and infrastructure. Investors were clearly disappointed, but may be looking too short-term.

Fortescue Metals Group Limited (ASX: FMG) share price dropped 4.7% to $3.04, after the iron ore price fell 1.8% to SU$59.38 a tonne overnight. Fortescue wasn’t the only iron ore miner to see its share price sink, with a number of junior miners also seeing their share prices sink into the red. There are still some concerns in the market that the recent stability in the iron ore price can’t last and prices are expected to fall in the second half of 2016.

Worleyparsons Limited (ASX: WOR) also saw its share price slide 4.5% to $6.31, with oil prices down 0.8% overnight. Worleyparsons makes most of its revenues from the oil & gas industry, and the company’s share price tends to fluctuate wildly with movements in oil prices.

Brent Crude is currently trading at US$43.84 a barrel, but could soar or crash in trading next week, with a vital meeting over the weekend between OPEC oil countries and a number of other oil producers. The meeting has been promoted as a chance to agree on oil production levels, but many are sceptical anything will be achieved.

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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

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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