Why these 4 ASX shares sunk lower today


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.

Need a lift after these declines? Then don't miss out on these up and coming star stocks.

The Disruptors: 3 Revolutionary Aussie Companies to Back for 2018

We’re living in one of the most exciting times in investing history. Innovation and a booming culture of entrepreneurship are constantly creating new companies with the potential to make forward-thinking investors very rich. Now more than ever, one small, smart investment could make a huge difference to your wealth.

That’s why at The Motley Fool we’ve been scrutinizing the ASX to uncover the kinds of companies that we believe could turn into the next Cochlear or REA Group.

We’ve found three exciting companies that we believe re poised to perform in the new year. Click here to uncover these ideas!

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.