It has been another surprisingly strong day for local investors today with the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) rising 0.5% to 5,942 points.
The energy and financial sectors have been the strongest performers today, while the materials, telecommunications and utilities sectors have struggled for investor support.
Four shares that are having a terrible day, include:
BHP Billiton Limited (ASX: BHP)
The BHP share price has fallen more than 1.5% today after the mining giant rejected a proposal by a U.S. based hedge fund to consider a demerger of its oil assets. The company said in a statement that after reviewing the elements of the proposal that the costs and associated risks would significantly outweigh any potential benefits. The shares enjoyed a brief rally late yesterday following reports of the proposed restructure, but investors have since re-assessed the situation following the company's comments.
Asaleo Care Ltd (ASX: AHY)
The Asaleo Care share price has crashed more than 8% today, despite the absence of any news from the company. It appears a broker downgrade may be behind today's sharp fall, with Credit Suisee cutting the shares to 'neutral' from 'outperform'. The personal hygiene and tissue company disappointed the market last July with a massive profit downgrade, although the shares have rallied quite sharply since late February after the company provided better-than-expected guidance for FY17.
Saracen Mineral Holdings Limited (ASX: SAR)
The Saracen Mineral share price has plunged more than 5.1% today after the gold miner revealed it had missed its March quarterly gold production guidance by 5,000 ounces due to heavy rainfall. Both of the company's operations were impacted by the wet weather and this also resulted in production costs rising slightly above guidance. Nonetheless, Saracen says it remains on track to double its production rate to 300,000 ounces per year in the upcoming June quarter.
Vocus Group Ltd (ASX: VOC)
The Vocus share price has plunged more than 3% today, despite the absence of any news from the company. It appears investors are growing increasingly concerned about the company's decision to build a subsea cable linking Australia to Singapore following news that a consortium of companies, including Telstra Corporation Ltd (ASX: TLS), will build its own cable network. Vocus' shares have now dropped around 17% in the past week alone, and more than 58% over the past 12 months.
