It has not been a good day for investors ahead of the Easter long weekend, with the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) falling 0.9% to 5,881 points.
The resources, energy and telecommunications sectors have led the market lower today, although the gold, utilities and consumer discretionary sectors have somehow managed to remain in positive territory.
Four shares that have been absolutely slammed today, include:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue Metals share price has crashed around 7% today after the iron ore miner reported lower third quarter shipments and a rise in cash costs as a result of wet weather. The situation has been made worse with the iron ore price plunging more than 8% overnight. Unfortunately, the commodity is now well-and-truly in bear market territory and other miners including BHP Billiton Limited (ASX: BHP) and Mineral Resources Limited (ASX: MIN) are also seeing their share prices plunge today.
Vocus Group Ltd (ASX: VOC)
The Vocus share price has fallen another 7% today, despite the absence of any news from the company. It appears investors are growing increasingly concerned about the telco sector in general following TPG Telecom Ltd’s (ASX: TPM) announcement yesterday that is will build its own mobile network. Although the shares look extraordinarily cheap, I am beginning to think it might be best to wait for the dust to settle before buying in.
Vita Group Limited (ASX: VTG)
The Vita Group share price has plunged another 4.2% today to $2.40. The shares have now fallen around 26% since reports emerged that Telstra Corporation Ltd (ASX: TLS) might be trying to take back some of Vita Group’s top performing retail stores. The company has denied this is the case, although it appears investors are certainly not taking any chances. Like Vocus, the shares look extremely cheap, but investors might not want to try to catch a falling knife.
Mesoblast limited (ASX: MSB)
The Mesoblast share price has fallen more than 5% today, despite no news from the company. The shares have enjoyed a very strong run since the beginning of March, so I wouldn’t be surprised if some investors have decided it is time to take some money off the table. It comes after the biotechnology company announced a number of positive developments including some good clinical trial results. Despite today’s fall, Mesoblast shares have still managed to gain around 94% for the year-to-date.
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Motley Fool contributor Christopher Georges owns shares of TPG Telecom Limited and Vocus Communications Limited. 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.