It has been a disappointing day so far for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down almost 1.1% to 5,690 points.
Four shares which have fallen more than most today are listed below. Here’s why they have sunk lower:
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is down 2.5% to $11.18 despite there being no news out of the regional bank. This latest decline means that Bendigo and Adelaide Bank’s shares have now lost 12% of their value since the start of the year. This could make them worth another look in my opinion.
The Independence Group NL (ASX: IGO) share price has tumbled 3% to $3.21 despite the majority of Australia’s leading gold miners climbing higher today. Today’s decline means that Independence’s year-to-date decline has stretched to 25%. Investors have been heading to the exits due to production delays at its Nova project. Despite how cheap it looks now, I would suggest investors stay clear of the miner.
The Galaxy Resources Limited (ASX: GXY) share price is down 2.5% to $1.80. Investors appear to have been disappointed with the lithium miner’s cash costs during the last quarter. However, leading broker Citi doesn’t appear concerned and expects them to improve. The broker reiterated its buy rating and $2.70 price target this morning.
The Wellard Ltd (ASX: WLD) share price has plunged 20% to 15.5 cents following the release of a market update. According to the release, the cattle exporter expects that trading losses in the second-half will be significantly higher than the $16 million loss it reported in the first-half of FY 2017. The company has blamed the loss on a reduction in demand from South East Asian markets due to sustained high cattle prices in Australia.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources 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.