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Here’s why these 4 ASX shares were hammered today

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So far today the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is lower by 0.5% to 5,455 points.

Four shares which have been having particularly bad days today and have dropped significantly lower are as follows:

Clean TeQ Holdings Limited (ASX: CLQ) shares have fallen almost 6% to 55.5 cents after the release of an update related to its Syerston nickel and cobalt pre-feasibility study. Although management believes the study has demonstrated the potential for an extremely robust project, the market’s reaction would indicate that it was expecting more from it.

Japara Healthcare Ltd (ASX: JHC) shares have dropped a massive 7.4% to $1.862 after rival aged care operator Estia Health Ltd (ASX: EHE) placed its shares in a trading halt as it prepares an update on its first quarter of FY 2017. Judging by the sell-off in Japara Healthcare and other aged care operators, the market is anticipating bad news out of Estia Health.

OceanaGold Corporation (ASX: OGC) has been the worst performing gold miner today with a drop of 13.8% to $3.63. A sizeable drop in the gold price overnight led to the gold miners being sold off. This is the second time in just over a week that OceanaGold’s shares have been crushed. Last week they dropped by a similar level after its Didipio mine was threatened with closure. Traders that were hoping for a quick rebound from that decline will have unfortunately been caught out today.

Syrah Resources Ltd (ASX: SYR) shares have plummeted 21% to $3.41 after the surprise resignation of its managing director Mr Tolga Kumova. The leading graphite producer has described the resignation as part of a transition that reflects the company’s evolving strategic direction. If everything is okay behind the scenes, then I feel Syrah could be worth further investigation for investors looking for exposure to the lithium boom.

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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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