The S&P/ASX200 (INDEXASX: ^AXJO) (ASX: XJO) has started the week off on the front foot thanks to positive offshore leads. At lunchtime, the benchmark index was trading 0.22% higher to 5,633 points.
While the big banks have been today’s biggest positive contributors, the utilities and industrials sectors have failed to keep up with the broader market.
Four shares that have suffered a terrible start to the week include:
Capilano Honey Ltd (ASX: CZZ)
Shares of Capilano Honey have crashed more than 4.1% today as investors continue to digest the company’s first-half result which was released last Friday. Although sales and earnings growth was fairly subdued, the market is undoubtedly more concerned about the lack of positive cashflow from operations. One positive investors can take from the result was that the company’s export strategy is beginning to gain traction with Chinese exports increasing by 87% in the half.
Santos Ltd (ASX: STO)
Santos shares have dropped more than 0.7% today after the company announced that it had only managed to raise $201 million from retail shareholders as part of its share purchase plan. The driller was looking to raise as much as $500 million, but its recent share price performance meant that this was always going to be a difficult task. Successful applicants will now be issued new shares at $3.94 per share.
Senetas Corporation Limited (ASX: SEN)
Shares of Senetas have crashed 8.7% today after the encryption hardware company released a disappointing market update. The company will now deliver a 30% decline in first-half profit before tax as a result of customers delaying their orders due to network upgrades. Although Senetas believes these delays are temporary, it did note that sales tend to be quite ‘lumpy’ and this is likely to impact full-year profitability.
OFX Group Ltd (ASX: OFX)
Despite enjoying a very solid rise last Friday, shares of OFX have come back under pressure today with a fall of more than 5%. The market is still clearly weighing up the value proposition on offer after the company issued a disappointing update last week. As highlighted here, there are a number of reasons why investors might want to steer clear of OFX for now, although further share price falls could make it worthy of further investigation.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
Motley Fool contributor Christopher Georges owns shares of Capilano Honey Limited. The Motley Fool Australia owns shares of Capilano Honey 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.