The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has closed down 0.3% at 5,413.6 following weak leads from offshore markets. In a day really of non-events, there was no change to the official cash rate by the RBA and today’s fall partly offsets yesterday’s 1.1% gain.
However, these four companies didn’t fare as well, falling much further than the market.
Eureka Group Holdings Ltd (ASX: EGH) saw its share price sink 6.4% to 73.5 cents, despite no news from the company. Eureka provides accommodation villages for senior Australians and recently purchased its 25th freehold village in Broken Hill, NSW. The company has acquired a number of retirement villages since 2014 and turned them into cheap accommodation for older Australians (not just retirees). Perhaps investors were switching into the aged care providers today as their shares went for a strong run.
Slater & Gordon Limited (ASX: SGH) saw its share price lose 4.3% to sink to 44.5 cents and a market cap of just $139 million. The shares have now lost half their value since the start of this year, although shares did jump around 10% yesterday. As we noted, it’s probably not a wise idea to read anything into today’s move as the share price for the troubled law firm is highly volatile.
Infigen Energy Ltd (ASX: IFN) fell 4.1% to 94.5 cents, but as we noted earlier today, the share price is up strongly so far this year (302%) as we wrote this morning. The wind farm and renewable energy company has sold off assets, cut its debt and reported strong growth in earnings. Today’s fall may well just be some investors taking profits – despite the company forecasting a strong 2017 financial year ahead.
Cash Converters International Ltd (ASX: CCV) fell 6.2% to 30.5 cents, and the share price has now lost 35% in the past month. The pawnbroker and personal finance company faces a class action from borrowers for charging excessive fees and interest between 2009 and 2013 and that is obviously hanging over the company’s head. The company is also in the process of restructuring its UK business and unprofitable – hence investors dislike for the company.
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