The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has rebounded 0.75% today after OPEC announced a deal to cut oil production for the first time in eight years.
Unsurprisingly, the energy sector has produced the biggest winners today with a sub-index gain of more than 7.1%. The biggest losers of the day have come from the gold, property and utilities sectors.
In fact a number of shares are getting hammered, including:
Transurban Group (ASX: TCL)
Transurban Group shares have plunged 3.8% today after US bonds were sold-off sharply overnight. A number of other interest rate sensitive shares have also been heavily sold off today including Sydney Airport Holdings Ltd (ASX: SYD) – down 2.8% and Westfield Corp (ASX: WFD) – down 3.3%. Although the underlying businesses have not changed, the increase in bond yields makes their defensive dividend yields less attractive.
Paladin Energy Ltd (ASX: PDN)
Paladin Energy shares have crashed more than 15% today after the uranium company revealed it was considering a contingency plan to repay its outstanding convertible notes that are due in April 2017. As highlighted here, the company is also struggling to meet its working capital requirements in the face of historically low uranium prices. The shares have now lost around 70% of their value over the past 12 months as investors question whether or not the company can continue to operate in its current capacity.
Amaysim Australia Ltd (ASX: AYS)
Shares of Amaysim have suffered their second consecutive day of heavy falls after the telco released a weaker-than-expected trading update yesterday. The company continues to add a healthy number of new subscribers but warned that the average revenue per user (ARPU) would likely be lower than in FY16. With today's 4.5% decline, the shares have now lost more than 18% of their value since Tuesday.
Qantas Airways Limited (ASX: QAN)
Qantas is one of the few direct losers from the OPEC deal and this has sent its shares down around 3% today. The airline has enjoyed relatively low fuel pricing for the best part of two years but that could be about to change if the oil price begins to make a sustained recovery. Unfortunately for Qantas, the oil price is just another factor out of management's control and this makes it extremely difficult to forecast future earnings with any real confidence.
