The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its early gains and finds itself down 0.1% to 5,983 points in afternoon trade.
Four shares which have fallen more than most today are listed below. Here’s why they have started the week deep in the red:
The Cann Group Ltd (ASX: CAN) share price is down 2.5% to $2.93 after it resumed trade today following its capital raising last week. The medicinal cannabis company raised $60 million via a placement of shares at $2.50 per share. Management plans to use the funds to accelerate its growth.
The G8 Education Ltd (ASX: GEM) share price has crashed 21% lower to $3.50 following the release of a disappointing trading update. Due to falling occupancy levels the childcare operator now expects EBIT to be around $160 million in FY 2017 compared to August’s guidance of mid $170 million.
The Mineral Resources Limited (ASX: MIN) share price has fallen 2.5% to $19.10. A number of lithium-focused mining shares have taken a hit today as investors take profit after strong gains over the last few weeks.
The Smartgroup Corporation Ltd (ASX: SIQ) share price is down 2.5% to $9.18. Today’s decline appears to be in response to the salary packaging and fleet management company being downgraded from a buy to a neutral rating by Citi on Friday.
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.
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