4 ASX shares sinking today

The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) has gained 0.4% in late afternoon trading, as energy stocks fell but were offset by a rise in the miners and a number of financial stocks.

Gold stocks also soared after the gold price jumped overnight and the S&P/ASX All Ords Gold (Indexasx: XGD) (ASX: XGD) sector was up 5%.

These four companies saw their share prices sink…

Beach Energy Ltd (ASX: BPT) saw its share price fall 3.8% to 58 cents, after Brent Crude oil prices fell 2.9% to US$43.58 a barrel, and could be headed even lower – as we wrote earlier this week. Beach produced nearly 9.7 million barrels of oil equivalent (mmboe) in the 2016 financial year, and says it’s aiming for slightly more than that in FY 2017.

The company also announced today that it expects to spend between $180 and $200 million in capital expenditure in the 2017 financial year – roughly 45% of that is fixed and already committed.

SmartTrans Holdings Limited (ASX: SMA) share price dropped 8.8% to 3.1 cents, despite the company’s quarterly report showing a 90% increase in revenues over the previous corresponding period to $2.65 million. For the full year, the smartphone payments provider and logistics software company reported revenues of $11.4 million – up 165% over the 2015 financial year.

However, investors were clearly disappointed by the lack of quarterly revenue growth compared to the third quarter ($2.66 million), and continued cash outflows. A capital raising appears certain with just $2.1 million in the bank at the end of June.

GUD Holdings Limited (ASX: GUD) saw its share price sink 2.2% to $9.45, after reporting a disappointing 2016 financial year result. The company is attempting to refocus on its automotive division after selling its remaining stake in Sunbeam – the small appliances brand – earlier this year. However, the company’s Dexion business is still struggling and hasn’t lived up to expectations since GUD bought the company for $84 million in 2010.

Independence Group NL (ASX: IGO) shares dipped 2.9% to $3.96. The diversified gold and nickel miner came out of a trading halt today after raising $250 million from institutions at a share price of $3.92. Funds will be used to develop the Nova Project which was acquired when the company took over Sirius Resources. But analysts weren’t happy, with both Morgan Stanley and Deutsche Bank downgrading the company. The latter slapped a price target of $3.20 and a Sell rating on Independence.

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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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