In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back a lot of yesterday’s gains and is down 0.7% to 5,952 points.
Four shares that have fallen more than most today are listed below. Here’s why they have sunk lower:
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen over 3% to $4.65 after the iron ore price continued its decline. According to Metal Bulletin, the spot price of the benchmark 62% fines fell down to US$69.93 a tonne on Monday. This is the seventh consecutive trading day that iron ore prices have fallen amid concerns over demand for Chinese steel.
The Newcrest Mining Limited (ASX: NCM) share price has continued its decline and is down a further 2% to $20.20. The gold mining giant has come under pressure this week after reporting a breach of the dam wall at its Cadia operation. This has led to all operations being suspended at the site, which is likely to result in an earnings downgrade.
The Regis Healthcare Ltd (ASX: REG) share price has tumbled 4% to $3.82. The majority of the aged care provider’s decline can be attributed to its shares going ex-dividend this morning for its 9.3 cents per share interim dividend. Eligible shareholders can now look forward to receiving the fully franked distribution in their nominated accounts on April 11.
The SKY and Space Global Ltd (ASX: SAS) share price has plunged 15% to 13.2 cents after the global communications infrastructure company raised $10 million at a discount of 12 cents per share. A further $5 million is now expected to be raised through a share purchase plan at the same price. Proceeds will be used mainly for the completion of design, construction, and launch costs of the first batch of approximately 20 Pearl nano-satellites which will be part of its equatorial constellation.
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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 Scott Phillips.