The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it a second day of strong gains in a row. In afternoon trade the benchmark index is up 1% to 5,830 points.
Unfortunately not all shares have climbed higher. Four shares in particular have made notable declines today. Here's why:
The Catapult Group International Ltd (ASX: CAT) share price has dropped 4% to $1.84. With no news out of the sports analytics company, I suspect today's gain could be related to a spot of profit taking. After all, prior to today its shares were up over 19% in just three trading days.
The Grange Resources Limited (ASX: GRR) share price has tumbled 2% to 13.7 cents. Further weakening of iron ore prices appears to be behind the decline in the shares of this iron ore mining and pellet production company. Its shares are now down a disappointing 28% in the last three months.
The Karoon Gas Australia Limited (ASX: KAR) share price has fallen almost 3% to $1.37. Whilst there has been no news out of the oil and gas company, I believe the negative sentiment around oil prices could be weighing on its shares. According to CNBC, consulting group FGE believes that oil prices could fall as low as US$30 a barrel if OPEC fails to make additional cuts to production.
The Orocobre Limited (ASX: ORE) share price has dropped 3% to $3.69 despite there being no news out of the lithium miner. Orecobre is just one of a number of shares with exposure to lithium which have tumbled today. Whilst the industry is undoubtedly a volatile one, I believe lithium miners could provide strong long-term gains due to the insatiable demand for the metal.
