The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has started the week strongly and in early afternoon trade is up 0.6% to 5,710 points.
Unfortunately, not all shares have been able to follow the market higher. Four shares in particular have made notable declines today. Here's why:
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen 3.5% to $4.69. Although iron ore prices rebounded slightly overnight, 62% fines tumbled to an 11-month low of US$54.41 a tonne on Friday according to Metal Bulletin. The Fortescue share price has now lost over 20% of its value year-to-date. Whilst it does look to be great value, I would hold off an investment until iron ore prices have found their bottom.
The Independence Group NL (ASX: IGO) share price has tumbled 5% to $3.23. A number of Australia's leading gold producers have sunk lower today after the gold price declined ahead of the Fed's rates decision this week. At present the spot gold price is fetching US$1,265 an ounce, down 2.3% from its high last week.
The Vocus Group Ltd (ASX: VOC) share price has fallen 3.5% to $3.58. It appears as though some investors had expected a bidding war to commence following KKR's $3.50 a share takeover offer. But with no other bidders emerging as of yet, a few investors appear to be cashing in on its recent gain and moving on to other opportunities.
The WiseTech Global Ltd (ASX: WTC) share price has dropped almost 5% to $7.56. A number of Australian tech shares have fallen today following Friday's tech sell-off in the United States. Whilst it may be prudent to let the dust settle first, I feel the sell-off of Australian tech shares is unnecessary and could be a buying opportunity.
