The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) may have bounced back from its morning lows, but in afternoon trade is still on course to finish the day lower by 0.1% to 5,900 points.
Four shares which have weighed heavily on the market today are listed below. Here's why they tumbled lower:
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen almost 4% to $4.86 following the release of its quarterly update. Investors appear to be disappointed that the iron ore giant produced just 45.7 million tonnes of iron ore, down 15% on the previous quarter. One positive, though, was that cash costs were reduced by 10% year-on-year to a lowly US$12.15 per wet metric tonne.
The Galaxy Resources Limited (ASX: GXY) share price has fallen 7% to $3.44. Although the lithium miner provided the results of its final drilling at James Bay this morning, today's decline appears to be more of a broad profit-taking sell-off of the lithium miners following strong rallies in recent weeks.
The Independence Group NL (ASX: IGO) share price has tumbled almost 7% to $4.17 a day after the release of its quarterly update. Today's decline is likely to be related to a broker note out of Citi. The leading broker downgraded Independence's shares to a sell rating and reduced the price target on its shares to $3.50. Citi believes that its shares have run too far now and I would have to agree.
The iSentia Group Ltd (ASX: ISD) share price has plunged 40% to $1.06 following the release of yet another disappointing trading update from the media monitoring company. As well as advising that it plans to exit its King Content business by the end of the year, iSentia advised that its core business has had a mixed start to the year. As a result, full-year EBITDA is expected to be in the range of $32 million and $36 million, compared to EBITDA of $41 million in FY 2017. I would stay clear of iSentia no matter how cheap it looks.
