The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is back on top today and hoping to end the week on a positive note following six sessions of Brexit-induced fear. Unfortunately, however, the same cannot be said for these four businesses…
St Barbara Ltd (ASX: SBM) shares have crashed 9.9% today to $2.81. The price of gold fell overnight as the perceived probability of Britons electing to leave the European Union diminished, spreading calm through the markets. Gold typically climbs as a result of fear, so the reduction in uncertainty hasn't been good for the gold miners today.
JB Hi-Fi Limited (ASX: JBH) shares have dropped 3.5% to $22.70, despite the absence of any news from the company that would explain the fall. However, the retailer's shares did rise strongly in yesterday's session on high volumes, so today's loss could simply be due to profit taking. JB Hi-Fi is a quality business which could still make for a sound long-term investment, although its shares aren't necessarily cheap right now.
3P Learning Ltd (ASX: 3PL) shares have fallen 3.8% and are now trading at 64 cents. The company has been a constant disappointment for investors since October last year, over which time the shares have declined more than 70% due to earnings downgrades and the surprise departure of its CEO "to pursue new opportunities". Investors are likely still weighing up whether or not 3P Learning's shares are worth holding onto at these price levels.
Cover-More Group Ltd (ASX: CVO) shares have also lost 5.4% today, taking the travel insurer's shares to just $1.277. While today's fall could relate to the global concerns regarding a potential Brexit (which may impact travel rates and hence, demand for travel insurance), it could also relate to allegations by the ACCC yesterday that fellow insurance business Medibank Private Ltd (ASX: MPL) had misled customers and acted unconscionably. Of course, that doesn't directly reflect on Cover-More, although it could cause some investors to doubt the sector as a whole.
