Unfortunately the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn't been able to build on yesterday's strong gain and instead has sunk 0.9% lower to 5,726 points in afternoon trade.
There have been four shares in particular which have acted as a drag on the market today. They are as follows:
The Bellamy's Australia Ltd (ASX: BAL) share price has tumbled 3% to $4.30 despite there being no news out of the embattled infant formula manufacturer today. Earlier this week Bellamy's lost yet another director. A move which I feel may have further dented investor confidence. As tempting as it might be to snap up shares in the hope of a turnaround, I think the best thing to do right now is to give Bellamy's shares a wide berth.
The Resolute Mining Limited (ASX: RSG) share price has fallen almost 9% to $1.43 as the gold miners sell-off continued to gather pace. With the probability of a U.S. rate hike this month increasing to 75% according to CME Group, I believe the gold price could be on the brink of a significant decline. For this reason I believe now could be a great time to take profit on the gold miners.
The Santos Ltd (ASX: STO) share price has fallen 3.5% to $3.64 today after oil prices fell to three-week lows overnight. According to Reuters, oil prices fell after it emerged that Russian crude production remained unchanged in February, despite its deal with OPEC to cut production. Furthermore, data out of the U.S. this week showed that domestic crude inventories hit a record as production edged higher.
The Tassal Group Limited (ASX: TGR) share price has fallen almost 9% to $4.47 after the salmon producer completed an $80 million placement of shares at a price of $4.55 per share. These funds will be used to invest in a range of working capital and capital investment initiatives, with the aim of taking advantage of favourable market conditions.
