The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) took a bit of a hammering in early trade today, but has since recovered and currently is sitting on a loss of 0.5% to 5,224 points.
The big news was of course the disappointing interim results of Westpac Banking Corp (ASX: WBC). These results caused a sell-off of all the major banks as well as financial shares such as Perpetual Limited (ASX: PPT).
But it wasn’t just the financial industry which suffered today. There were four shares in particular facing reasonably steep declines. Here’s why:
1-Page Ltd (ASX: 1PG) shares are down over 7% to 89.5 cents today following the company’s release of its annual report to the market. Although labelled as not market sensitive, the release does contain a reasonably big change from its preliminary results. When the company released its preliminary annual results to the market in March it listed a diluted loss per share of 9.58 cents, however in its release today it now reveals a diluted loss per share of 13.96 cents.
1-Page shares are now down by almost 75% year-to-date.
Aconex Ltd (ASX: ACX) is down by nearly 4% to $6.43 today without any new information coming to light. With the shares ascending by a whopping 170% in the last 12 months it would appear that there may have been a bit of profit taking from investors today. I still believe Aconex is a great long-term investment and the sell off today could make for a great opportunity to get hold of shares of this growing company.
Aconex has enjoyed a great 2016, putting on a gain of almost 25%.
Cardno Limited (ASX: CDD) shareholders have not had a great day. Its share price took a massive dive at the start of the trading day, but has since recovered to sit on a decline of over 15%. This brings the share price of the leading infrastructure and environmental services provider down to 93.5 cents, a long way from its 52-week high of $2.86. The reason for today’s decline was the release of its market update which revealed a significant drop in earnings guidance for the year. Furthermore, the company may need to raise capital in order to stay within its bank leverage covenant.
Cardno shares are down 17% so far in 2016.
Virgin Australia Holdings Ltd (ASX: VAH) shares have dropped by over 5% to a 52-week low of 33.2 cents after following in the footsteps of Qantas Airways Limited (ASX: QAN) by announcing plans to cut capacity in the June quarter. Similar to Qantas, Virgin Australia blamed weak consumer demand on the upcoming election and the country’s resources downturn.
Virgin Australia shareholders are sitting on a loss of over 26% this year.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. 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.