Here’s why these 4 ASX shares sank today

Whilst it may have been a great start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), it hasn’t been for all shares on the Australian market.

On the first trading day of the week the benchmark index finished up a solid 0.7% to 5,537 points, whereas these four shares finished the day deep in the red.

iCar Asia Ltd (ASX: ICQ) shares crashed almost 17% to 54 cents after releasing extremely disappointing revenue and earnings guidance to the market. For the full year it now expects revenue to come in between $6.75 million to $7.75 million with an EBITDA loss of between $14.5 million to $15 million. Management revealed the downgrade is a result of increased investment to consolidate its market position and weaker sales in Malaysia, Thailand, and Indonesia.

iCar Asia’s share price is down 44% in 2016.

MMA Offshore Ltd (ASX: MRM) shares have dropped 3% to 33 cents after a market update revealed the suspension of a key contract in South East Asia for two of its vessels due to issues with its client’s drilling campaign. As well as this it is expecting a significant rate reduction on a three vessel contract with a client in the Middle East. Combined it expects FY 2017 EBITDA to be negatively impacted by approximately $10 million. With EBITDA already looking likely to fall significantly next year, this is further bad news for the company and its shareholders.

MMA Offshore’s share price has plummeted 40% in 2016.

OceanaGold Corporation (ASX: OGC) was among the worst performing gold miners today and dropped almost 7% to $4.44. OceanaGold and its peers were hit hard today after a fall in the gold price following strong U.S. non-farm payroll data. With a U.S. rate rise in 2016 back on the table, the gold price could now come under significant pressure.

OceanaGold’s share price has still risen by around 66% in 2016.

Sundance Energy Australia Ltd (ASX: SEA) shares dropped over 3% to 14 cents despite no news out of the US-based energy exploration company. The fall in the oil price has hit the company incredibly hard and caused its share price to lose 70% of its value in the last 12 months. With oil prices continuing to remain at low levels, I’m not expecting a turnaround of fortunes occurring any time soon unfortunately.

Sundance Energy Australia’s share price is down 17% in 2016.

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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.

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