In late trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from its poor run and is up a solid 0.5% to 5,682 points.
Four shares that haven’t been able to climb higher today are listed below. Here’s why they are finishing the week in the red:
The Boart Longyear Ltd (ASX: BLY) share price has sunk 29% to 2.7 cents despite there being no news out of the drilling company. It appears that some investors are not optimistic that the embattled company’s post-recapitalisation capital structure will improve its current situation.
The Galaxy Resources Limited (ASX: GXY) share price has tumbled 3% to $2.53. The lithium miner once again appears to be the victim of profit-taking following an incredible run in the last few weeks. I think this sell-off has created a buying opportunity for investors looking for exposure to the resources sector.
The St Barbara Ltd (ASX: SBM) share price has fallen 3% to $2.69. St Barbara is just one of a number of gold miners sinking lower today after the outlook for gold softened. With the Federal Reserve likely to raise interest rates four times between now and the end of next year, unless a significant risk event occurs, I think the gold price could fall sharply from here.
The Whitehaven Coal Ltd (ASX: WHC) share price is down 3% to $3.53. Today’s decline is likely to be attributable to a sharp drop in Chinese coal futures after the Chinese government signalled that it was ready to take more steps to boost supplies.
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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.
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