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ASX review on Wednesday: 11 shares you need to know about

The NIB Holdings Limited (ASX: NHF) share price was just one of the market’s big losers today, on a day where the market itself ended well in the red.

Here’s a quick recap:

  • S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) down 1.1% to 5786 points
  • ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) down 1% to 5821 points
  • AUD/USD at US 74.23 cents
  • Iron Ore at US$61.17 a tonne, according to the Metal Bulletin
  • Gold at US$1,244.22 an ounce
  • Brent oil at US$51.21 a barrel

The NIB share price dropped 8.7% today, finishing the session at $5.54. The plunge came after Credit Suisse downgraded the stock from Neutral to Underperform.

Medibank Private Ltd (ASX: MPL) received the same treatment from Credit Suisse, with the Medibank share price slipping 3.8%.

The OrotonGroup Limited (ASX: ORL) share price was hammered 19.6% after the retail group released a disappointing trading update. Sales during April were well below management’s expectations while it also downgraded its full-year earnings (EBITDA) guidance.

Vita Group Limited (ASX: VTG) plummeted 30.2% as well after it announced remuneration reductions as part of its relationship with Telstra Corporation Ltd (ASX: TLS). It said “From 1 July 2017, Telstra intends to reduce remuneration by approximately 10 per cent. It also announced an intent to reduce remuneration by a further 10 per cent at the start of each of the FY19 and FY20 financial years.” The Telstra share price shed 0.5%.

Sirtex Medical Limited (ASX: SRX) and G8 Education Ltd (ASX: GEM) were both placed in a trading halt today. Sirtex rose 1.1% before halting trading in its shares in order to give it “sufficient time to review and assess” the implications on the business of new clinical data, which is to be released soon, with the company believing the information will be material.

G8 Education, on the other hand, entered a trading halt with a would-be significant shareholder requesting more time to stump up cash for a significant stake in G8, which was due today.

The banks also dragged the market lower today. Westpac Banking Corp (ASX: WBC) fell 2.3% and National Australia Bank Ltd. (ASX: NAB) shed another 2.1%.

Vocus Group Ltd (ASX: VOC) was one of the market’s best performing shares. The Vocus share price lifted 4.3% for the session.

And Wesfarmers Ltd (ASX: WES) was in the news after it announced it would not pursue an initial public offering (IPO) of its Officeworks business “in light of current equity market conditions”. The Wesfarmers share price dropped 1.3% for the session.

Here are Wednesday’s top stories:

  1. Crash! Why the NIB Holdings Limited share price fell 10% today
  2. Why these 3 ASX shares have rocketed more than 100% in the last 12 months
  3. OrotonGroup Limited slammed: Why the Oroton share price plunged today

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Motley Fool contributor Ryan Newman owns shares of Vocus Communications Limited. The Motley Fool Australia owns shares of Vocus Communications Limited, National Australia Bank Limited, Telstra Limited, and Wesfarmers 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.

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