It has been a disappointing end to the week for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 1.3% to 5,711 points.
Four shares which have fallen significantly more than average today are listed below. Here's why they are ending the week deep in the red:
The Ellex Medical Lasers Limited (ASX: ELX) share price is down 5% to $1.02 following the release of a trading update. According to the release, the medical device company expects to post a loss before tax of $2 million in FY 2017. This has been blamed on a stronger Australian dollar and investment in its iTrack device.
The Mayne Pharma Group Ltd (ASX: MYX) share price has fallen almost 4% to 95.2 cents. Whilst I think the pharmaceutical company's shares are arguably dirt cheap right now, until the Trump Administration has finalised its plans on generic drug prices, I would suggest investors stay clear of the company's shares.
The OceanaGold Corporation (ASX: OGC) share price is down 6.5% to $3.34 following the release of its second-quarter update. The market appears to have been left underwhelmed by management's full-year production guidance of between 550,000 and 600,000 ounces of gold. Whilst its shares are cheaper now, I still feel there is better value for money elsewhere in the sector.
The Webjet Limited (ASX: WEB) share price has fallen 7% to $11.80 after the online travel agent advised that its auditor BDO Audit disagreed with a technical accounting matter relating to its financial statements for the year ending 30 June 2017. If BDO's methodology were applied to its full-year results, it would reduce EBITDA by $11.5 million. Today's decline could potentially be a buying opportunity in my opinion.
