The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has posted a strong gain to end the week on a high, closing at 5,431.3 – a gain of more than 1% for the day, and 2.5% for the week.
That didn't help these four companies though…
Whitehaven Coal Ltd's (ASX: WHC) share price slumped 9.1% to $2.40. That's surprising given the company has rallied hard on the back of the zooming coking coal price. Coking coal is up 164% so far this year to more than US$200 a tonne as China lifted imports by 18% in 2016. However, it appears that the coal price may have peaked and some investors appear to be taking profits before the inevitable happens.
Charter Hall Group (ASX: CHC) share price fell 6.0% to $5.06 after John Gandell's Gandell Group announced the block sale of 19.2% of Charter Hall's shares to third party investors. The Gandell Group is increasing its focus on Vicinity Centre Re Ltd (ASX: VCX) and the Chadstone Shopping Mall, Australia and the Southern Hemisphere's largest. Today's fall in the share price may indicate that the shares were sold at a discount to the last closing price.
Liquefied Natural Gas Ltd (ASX: LNG) share s lost 6.3% to $0.595, despite no news from the LNG company. LNGL is constructing a number of LNG export terminals in North America, but appears to have hit some turbulence. Developments appear to have slowed, and it's unclear when its Magnolia LNG plant will eventually be developed, particularly with oil prices so low.
Fortescue Metals Group Limited (ASX: FMG) share price dropped 3.9% to $4.96. The iron ore miner may just be seeing investors taking some profits, after the share price has rocketed up more than 160% so far this year. The iron ore price appears to have stabilised around US$55 a tonne – good news for Fortescue, which has lowered its production costs so it is profitable and paying dividends at the current price.
