The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) looks headed to end the week on a negative note, down 0.8% at 5,371.7 points in late afternoon trading.
It's been a dismal week, with losses of 2.6% so far, despite a brief bounce on Tuesday.
Luckily, it's not as bad as these four companies which have seen their share prices sink much further…
Select Harvests Limited (ASX: SHV) has dropped 6.9% to $6.20. The almond producer saw its share price rise 7.6% earlier this week, perhaps as bargain hunters jumped in. Today's share price might indicate that they are now exiting the stock and taking profits – or it could also be the fact the company is being removed to the S&P/ASX 200 in September, after S&P Down Jones Indices announced changes today. As the main index, many fund managers are prohibited from investing outside it and could sell off their holdings.
Cover-More Group Ltd (ASX: CVO) has seen its share price sink 4.8% to $1.38. The travel insurance company is also being removed from the S&P/ASX 200 and some fund managers who are holding shares in the company could be forced to sell over the coming two weeks. Other investors appear to be getting out now and taking whatever they can get before the price sinks much further.
Japara Healthcare Ltd (ASX: JHC) has lost 4.2% to $2.06 and more than 20% of its value in the past month, as investors worry about the impact of cuts to government funding for the aged care sector. Aged care providers like Japara generate most of their revenue from government funding sources, and it was inevitable that the government was going to cut back funding and tighten rules after audits revealed a high level of issues in claims by the industry.
Catapult Group International Ltd (ASX: CAT) fell 3.9% to $3.66, and has now lost 9% in the past week. The company provides athlete monitoring equipment, both hardware and software to a large number of high-profile sports teams around the world. Despite posting a recent net loss, Catapult has recorded strong sales growth and it likely won't be too long before the company reports its maiden profit. As colleague Tom Richardson wrote here – It could be the champion stock of 2017 – despite today's pullback.
