In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down 0.6% to 5,701 points as tensions in North Korea weigh on the market.
Four shares which have fallen more than most today are listed below. Here's why they are ending the week in the red:
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen 4% to $5.57 after the iron ore producer announced that CEO Nev Power would step down in February. Mr Power has been in the top job for seven years and played a key role in the company's transformation into a low-cost producer.
The Independence Group NL (ASX: IGO) share price is down 4% to $3.59 despite rising tensions in North Korea causing the gold price to climb slightly higher. Almost all of Australia's gold miners are lower today as traders potentially look to take profit after a strong recent run.
The Myer Holdings Ltd (ASX: MYR) share price has fallen 4% to 70 cents a day after the release of its full-year results. One broker that was not impressed with Myer's performance was Credit Suisse. According to a note out of the investment bank, its analysts have downgraded the department store operator to an underperform rating and lowered the price target on its shares to 67 cents. I would follow Credit Suisse's advice and avoid Myer.
The Vocus Group Ltd (ASX: VOC) share price is down 3% to $2.35. The telco company's shares have come under renewed pressure this week after Slater & Gordon Limited (ASX: SGH) advised that it plans to launch a class action against it on behalf of disgruntled shareholders. Vocus has been accused of misleading and deceptive conduct. Investors may want to stay clear of Vocus whilst this dark cloud hovers above it.
