The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) had a positive start to the week on Monday and finished the day 0.45% higher at 5,720 points.
Unfortunately not all shares on the market were able to follow the market higher. Here’s why these four shares sank lower on Monday:
The Acrux Limited (ASX: ACR) share price continued to slide lower, this time by 3% to a multi-year low of 17 cents. Investors continue to head to the exits in their droves following the drug delivery company’s shock announcement that its licensing agreement with Eli Lilly has been terminated.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price tumbled over 4% to $11.09. On Monday the medical device producer issued 113,000 new shares due to its share option plan and the issue of performance share rights. These shares were issued at a significant discount to the current share price and may have been quickly offloaded, putting temporary pressure on its share price.
The Liquefied Natural Gas Ltd (ASX: LNG) share price sank 11% to 45 cents following the release of its annual report. The report wasn’t the most upbeat of reports and saw management explain how natural gas oversupply was negatively impacting the business. I would stay clear of the company’s shares until there are improvements in supply and demand.
The OceanaGold Corporation (ASX: OGC) share price fell 6% to $3.70. Almost all Australian gold miners were sold off yesterday as investors returned to risk assets. The spot gold price is currently fetching US$1,306 an ounce, its lowest level this month. Unless tensions flare up in North Korea, I expect further declines for gold in the coming weeks.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.