It has been a great start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). The benchmark index hit another 52-week high today and in afternoon trade is up 1.1% to 5,820 points.
Four shares which haven't started the week as strongly are listed below. Here's why they've sunk lower today:
Bubs Australia Ltd (ASX: BUB) shares have fallen almost 18% to 25.5 cents today. The infant formula manufacturer's shares gained 350% at one stage last week following its listing on the ASX via a reverse takeover. Since then profit-taking appears to have started to weigh heavily on its shares. I think it is worth keeping a close eye on, but I wouldn't suggest an investment at the current price.
Fortescue Metals Group Limited (ASX: FMG) shares have dropped 3% to $5.89 after the iron ore price fell sharply on Friday. According to Metal Bulletin the spot iron ore price fell 3.4% to US$76.25 a tonne. There could be more declines to come in the year ahead. Today the Department of Industry, Innovation and Science forecast the iron ore price to fall to US$46.70 a tonne by 2018.
Peninsula Energy Ltd (ASX: PEN) shares have plunged 11% to 67 cents as investors take profit after Friday's massive gain. The uranium mining company's share price jumped 36% on Friday despite there being no news out of it. Unsurprisingly this led to a Price and Volume Query from the ASX. Peninsula's management wasn't aware of any reason for the buying frenzy.
Silver Lake Resources Limited (ASX: SLR) shares have fallen 4% to 71.5 cents. A number of gold miners have sunk lower today despite the gold price holding steady at US$1,175 an ounce. Considering the gold miners rallied strongly ahead of key U.S. data releases on Friday, it would appear as though traders positioned themselves for a jump in the gold price. This didn't materialise and instead the US dollar regained strength.