The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) is down 0.3% at 5,425 points in afternoon trading as resources and energy stocks drag the market down.
Still, that’s not as bad these four, which have seen their share prices tumble.
Clean TeQ Holdings Limited (ASX: CLQ) saw its share price slammed down 8.3% to $0.445, and has now dropped 30% since hitting 63.5 cents a week ago. Yesterday, Clean TeQ’s share price dropped as much as 16.5% before making a recovery, as investors continue to worry about the results of the Pre-Feasibility Study (PFS) on the company’s Syerston nickel, cobalt and scandium project. As we wrote yesterday, Clean TeQ estimates it will cost more than $900 million to get the project up and running – which is scaring investors away.
BSA Limited (ASX: BSA) share price dropped 6.4% to $0.295, despite no news from the technical services contracting company. BSA had seen its share price rise more than 60% since the start of this year, including winning a five-year telecoms infrastructure contract working on the National Broadband Network (NBN). Revenues in the first year alone are expected to reach $50 million. The share price sell-off could be due to some investors taking profits after the strong run-up to 37 cents in August.
OFX Group Ltd (ASX: OFX) share price has dropped 6.8% to $1.77. The currency exchange and international payments group has now lost 45% of its value since the start of this year, including ~40% in one day in early February. That came after the company announced that it had dropped discussions with suitor Western Union and then announced big cuts to its forecast for the 2016 financial year. Once a market darling, OFX appears to be facing substantial competition in its markets and the future is far from certain.
Altium Limited (ASX: ALU) sank 5.5% to $8.22 and the share price has now lost more than 17% since hitting a high of $9.98 in early September. Altium makes software that is used to design electronic products such as printed circuit boards (PCBs). The company has had a phenomenal run in the past few years rising 6,775% over the past 5 years thanks to demand for its products. But it seems the share price may have well run too high too fast and some investors are clearly taking some profits off the table.
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The Motley Fool Australia owns shares of Altium. 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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