After a pretty disappointing effort yesterday, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has managed to stage a decent comeback today, rising 0.78% to 5,442 points.
A jump in commodity and oil prices overnight has helped the materials and energy sectors climb higher today, while the biggest laggards have come from the consumer staples and utilities sectors.
Despite today’s rebound, these four shares have enjoyed a tough time attracting investor support:
Catapult Group International Ltd (ASX: CAT)
Shares of Catapult have plunged around 8.5% today as investors continue to re-rate the shares after the company provided weaker-than-expected revenue guidance for FY17. Investors are undoubtedly disappointed with last week’s guidance that pointed to revenue growth of just 21% – 31% – well below the 59% growth recorded in FY16. The shares have now lost around 22% since that guidance was issued and more than 41% from their 52-week highs.
Nanosonics Ltd. (ASX: NAN)
Shares of Nanosonics have dropped around 5% today, despite no announcements from the company. In fact, the company has not released any market announcements for around four weeks. Since the shares have enjoyed a gain of nearly 80% over the past 12 months, I wouldn’t be surprised to see some investors locking in profits today.
Hansen Technologies Limited (ASX: HSN)
Shares of Hansen Technologies have dropped around 3.5% today, despite the absence of any news from the company. Interestingly, the shares have now lost more than 13% over the past four trading sessions even though the company re-affirmed its FY17 guidance only a couple of weeks ago. Like Nanosonics, the recent share price weakness is most likely the result of profit taking after a great run over the past 12 months.
Dacian Gold Ltd (ASX: DCN)
Shares of Dacian Gold have plummeted more than 22% today after the gold explorer pulled the plug on its planned $150 million capital raising in favour of a $26 million institutional placement. The company said it made the decision to avoid ‘excessive dilution in the current volatile gold market’. Dacian Gold will now tap into the debt markets to fund its Mount Morgans Gold Project and plans to return back to the equity market once the gold price stabilises.
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Motley Fool contributor Christopher Georges has no position in any stocks mentioned. The Motley Fool Australia owns shares of Hansen Technologies and Nanosonics Limited. 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.