Why these 4 ASX shares were crunched on the market today

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The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) was trading mostly flat this afternoon following mixed leads from international markets overnight. However, the following four ASX shares were getting crunched.

Austal Limited (ASX: ASB) is a premier builder of ships for defence organisations, including the U.S. Navy. The company’s shares are down 6.6% today following the severe share price falls of other military contractors in the U.S. overnight. The falls are likely attributable to the following tweet by President-elect Donald Trump:

Vocus Communications Limited (ASX: VOC) this morning announced the appointment of Bob Mansfield AO as Non-Executive Director and by mid-afternoon shares were trading 2.6% lower. Despite the appointment of the experienced telecommunications professional the market may have been expecting another executive appointment given the recent departures of key Vocus management, including its Chief Financial Officer. Nonetheless, today’s appointment appears to be a step in the right direction.

Independence Group NL (ASX: IGO) shares traded 2.5% lower today after an earlier announcement. In a statement to the ASX this morning, the nickel, copper and zinc resources business announced, ahead of schedule, the first shipment of nickel concentrate from its Nova Project. The Nova Project is a 1.5 million tonnes per annum underground nickel mine and processing plant.

The Estia Health Ltd (ASX: EHE) share price also continued its fall today with shares plunging 8.6% following their release from a trading halt. The aged care housing provider announced the completion of the institutional component of its capital raising, which saw the group generate around $72 million in new funds at an issue price of $2.10 per share. The company entered a trading halt on Monday after announcing it would not pay an interim dividend in the first half of its 2017 financial year.

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Motley Fool Contributor Owen Raszkiewicz does not have a financial interest in any company mentioned. Owen welcomes -- and encourages -- your feedback on Google+, LinkedIn or you can follow him on Twitter @ASXinvest.

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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