It certainly has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 0.5% to 5,696 points.
Four shares which have fallen more than most today are listed below. Here’s why they have started the week in the red:
The Atlas Iron Limited (ASX: AGO) share price is down 9% to 1.9 cents despite iron ore futures rising strongly on Friday. But with its shares up over 42% in the last three months it appears as though some investors are taking a bit of profit off the table. This may be a sensible move given that many brokers expect the iron ore price to weaken in the near future.
The Commonwealth Bank of Australia (ASX: CBA) share price is down 2% to $73.93 after Australia’s largest bank provided an update on the civil penalty proceedings initiated by AUSTRAC. According to today’s release, Commonwealth Bank must file its defence to the proceedings by December 15.
The Kogan.com Ltd (ASX: KGN) share price has tumbled around 3.5% to $3.21 despite there being no news out of the online retailer. I feel that today’s decline is likely to be attributable to profit taking. After all, Kogan’s shares are up almost 140% year-to-date. Whilst I’ve been very impressed with Kogan’s performance, I’m holding off an investment until I’ve seen what impact an Amazon launch has on the business.
The Super Retail Group Ltd (ASX: SUL) share price has fallen 4.5% to $7.61. The majority of today’s decline can be attributable to the retailer’s shares going ex-dividend this morning. Super Retail’s 25 cents per share final dividend will be paid to shareholders on October 6. I think Super Retail could be a good investment at the current share price.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Super Retail Group 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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