In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from Friday’s decline and is up a solid 0.5% to 6,092 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are starting the week in the red:
The Beadell Resources Ltd (ASX: BDR) share price has plunged 14.5% to 7.1 cents after the gold miner returned to trade after its US$23 million capital raising. The funds raised will allow Beadell to retain its current long-term debt structure, while fully funding the ongoing mill expansion which is expected to be completed on budget in July 2018.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has fallen 7% to $2.53. At one stage its shares were down almost 19% to a multi-year low of $2.19 after the embattled asset manager advised that it would be withdrawing its full-year earnings and fee earning assets under management (FEAUM) guidance for FY 2018. I think this is yet another sign that investors ought to stay well clear of Blue Sky despite how cheap it may look.
The Clearview Wealth Ltd (ASX: CVW) share price has dropped 10.5% to $1.07. With no news out of the company or broker notes that I’m aware of, today’s decline is a bit of a mystery. It could be related to an announcement last month that it had scrapped its cooperation agreement with Sony Life. A year after announcing the agreement, nothing had materialised between the two parties.
The Orica Ltd (ASX: ORI) share price has tumbled 7% to $18.86 after the industrial and specialty chemicals supplier released its half-year results. According to the release, Orica posted a first half statutory net loss after tax of $229 million. Even when excluding significant items, net profit after tax for the first half came in at $124 million, down 37% on the prior corresponding period. Management blamed operational issues for the poor performance.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
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.
- Is the Redbubble (ASX:RBL) share price on a path to $10.75? – September 18, 2020 9:38am
- Is the Nanosonics (ASX:NAN) share price in the buy zone? – September 18, 2020 8:51am
- Why Galaxy (ASX:GXY) and these ASX shares just hit new highs – September 18, 2020 8:13am