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Why these 4 shares are falling today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to trade marginally higher today even as investors remain cautious ahead of the Brexit vote.

Four shares that haven’t been so lucky however, include:

SEEK Limited (ASX: SEK)

SEEK is one of the biggest losers today after the company announced a fairly uninspiring profit growth forecast for FY17. Despite re-affirming its FY16 guidance of $195 million, the company expects to deliver FY17 profits of between $215 million – $220 million, before significant items and early stage investment deductions. The shares reached a low of $14.80 in early trading but have recovered some ground to now trade 4.8% lower to $15.42. SEEK also announced plans to take complete ownership of its Brazilian business and lift its ownership interest in SEEK Asia.

Platinum Asset Management Limited (ASX: PTM)

Shares of Platinum Asset Management have fallen by more than 5.4% today following a broker downgrade. Morgan Stanley cut its rating on the international fund manager from equal weight to underweight, most likely as a result of the uncertainty surrounding the Brexit vote. Interestingly, other fund managers exposed to global equities including Magellan Financial Group Ltd (ASX: MFG) and BT Investment Management Ltd (ASX: BTT) are firmly in positive territory today.

Perseus Mining Ltd (ASX: PRU)

Perseus Mining shares have fallen by more than 13% to 49 cents today after resuming trade following a two-day trading halt. The gold miner announced a $102 million capital raising after the close on Monday at an offer price of 50 cents per share. The funds will be directed to two gold projects in West Africa and for further exploration across its operations. Along with the capital raising, the company also confirmed that it expects FY16 gold production to come in at the lower end of its previous guidance and costs to come in at the higher end of guidance after encountering a number of production problems earlier in the year.

Resapp Health Ltd (ASX: RAP)

ResApp Health shares have fallen 3.9% today in what appears to be a case of profit taking. The shares have enjoyed a remarkable run over the past 12 months with a whopping gain of 1,661%. The company now has a market capitalisation of $206 million, despite the fact it is yet to turn a profit. Nevertheless, ResApp Health has developed an interesting piece of technology where a smartphone will be able to diagnose various respiratory diseases based on the different coughing and breathing sounds associated with a particular disease. The technology could be revolutionary in the way respiratory diseases are diagnosed, although the company still has a long way to go before it becomes profitable.

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Motley Fool contributor Christopher Georges owns shares of BT Investment Management Limited and Platinum Investment Management Limited. 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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