4 stocks sinking on the ASX today

The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) is heading for a flat end to the week, with the index down just 1.9 points or 0.04%.

Normally, we wouldn’t pay much attention to the daily moves in a company’s share price, as the market can be very volatile over short periods like a day or week and even a month.

However, occasionally we might be able to pick up some clues about the outlook for a company if the price moves are associated with important news.

These four companies saw their share prices sink today…

Beadell Resources Ltd (ASX: BDR) saw its share price drop 4.9% to $0.49 after spot gold fell 0.4% overnight – its second consecutive day – to US$1,354.69 an ounce. Beadell wasn’t the only miner hit, with a number tumbling today.

Analysts say the focus on US economic data – which is expected to be good – is likely to see gold prices sink further.

MICHAELHLL FPO (ASX: MHJ) share price dropped 4.0% to $1.20, after the jeweller swapped its New Zealand Stock Exchange listing for the ASX yesterday. Michael Hill reported 5.1% same store sales growth across the group for the 12 months to end of June 2016 and revenues of $545 million. The company has 297 stores trading at the end of last month.

National Veterinary Care Ltd (ASX: NVL) saw its share price sink 3.5% to $1.25 – but shares are highly illiquid. The veterinary roll up company now has 40 businesses in Australia. Some investors may have decided to jump ship due to the small size of the company or lack of steady news flow, causing the share price to sink. However, at current prices, shares look very cheap and the market may be missing an opportunity.

IPH Ltd (ASX: IPH) share price dropped 1.9% to $6.16. The patents and trademarks firm has seen its share price fall more than 30% year to date – mostly because the share price had got way ahead of itself. It may have further to fall, but at the current price, IPH is another opportunity for investors to pick up a high quality defensive company for the long term.

How 1 Man Turned $10,000 Into Over $8 Million

Discover how one man turned a modest $10,600 investment into an $8,016,867 fortune. Learn more about this man and how you can start down the path toward financial independence. Simply click here to learn more. No credit card required - this is free.

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.