It has been a subdued start to the trading week for local investors, with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) drifting 0.25% lower to 5,850 points.
Most sectors are struggling to post any meaningful gains today, except for the gold sector, which has managed to rise more than 1.1%.
Four shares that are taking a beating today, include:
Blackham Resources Ltd (ASX: BLK)
The Blackham Resources share price has crashed more than 15.7% today after the gold miner announced a big downgrade to its FY17 production guidance. The company now expects to produce 42,000 to 51,000 ounces of gold, down from its initial guidance of 60,000 to 70,000 ounces. Unfortunately, heavy rainfall and lower mill grades at its Matilda/Wiluna Gold Operation were the main culprits behind the downgrade.
Healthscope Ltd (ASX: HSO)
The Healthscope share price has plunged more than 3.5% today after the private hospital operator announced Robert Cooke will be stepping down as Managing Director and CEO after more than six years in the job. He will be replaced by Gordon Ballantyne, who most recently held the position as Group Executive for Telstra Corporation Ltd’s (ASX: TLS) domestic retail business. Today’s share price reaction is not that surprising, considering a change of leadership often comes with a level of uncertainty for investors.
BlueScope Steel Limited (ASX: BSL)
The BlueScope Steel share price has dropped more than 3% today after the company announced it has reached an agreement to sell 100% of the shares in its Taharoa export iron sands business. The company said that it expects its net debt to be reduced by NZ$25.5 million following the deal and will allow the company to focus primarily on its core steel business. Despite today’s fall, shares of BlueScope have still managed to nearly double in value over the past 12 months.
Downer EDI Limited (ASX: DOW)
The Downer EDI share price has dived 1.5% today after Spotless Group Holdings Ltd (ASX: SPO) revealed it was exploring alternatives to the company’s $1.2 billion hostile takeover bid. Spotless also confirmed that one of its largest shareholders was unlikely to support the bid at the current price. Shares of Downer EDI have now crashed more than 23% since the takeover bid was announced last month.
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Motley Fool contributor Christopher Georges has no position in any stocks mentioned. 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.