Following a massive sell off in the energy sector the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has dropped lower by 0.8% to 5,537 points.
Four shares in particular have played a role in today's decline with significant falls.
Here's why:
CSG Limited (ASX: CSV) shares have dropped 9% to 70 cents despite there being no news out of the printing company. This time last month I warned investors off the company as I doubted the company's full year guidance. I believe the guidance is far too ambitious and expect a further downgrade to come in February when it releases its half year results.
Resolute Mining Limited (ASX: RSG) has been one of the worst performing gold miners today. Its shares are lower by 6% to $1.09 following a drop in the gold price after the Federal Reserve's decision to raise rates in the United States. As more rate rises are now expected in 2017, I believe the gold price will continue sliding lower over the next 12 months.
Sky Network Television Ltd (ASX: SKT) shares have fallen for a second day in a row. Today the New Zealand-based entertainment company's share price has fallen 4% to $3.93. These declines are the result of yesterday's earnings downgrade. Sky expects full year EBITDA to be between 5% and 7% lower than the $296 million it forecast previously. This will mean earnings come in up to 15% lower than last year.
Santos Ltd (ASX: STO) shares have plunged almost 10% to $3.98 today. A drop in the oil price weighed on its shares, as did news of its plan to raise $1.5 billion via an institutional placement and share purchase plan at $4.06 per share. If oil prices do hit US$60 a barrel and stay that way then Santos could be an appealing investment. But that is a big "if" at this point in time in my opinion.
