After starting strongly the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has faded in afternoon trade and slipped into the red due to declines in the financial sector. At the time of writing the benchmark index is down slightly to 6,266.1 points.
Four shares falling more than most today are listed below. Here’s why they are ending the week in the red:
The Dacian Gold Ltd (ASX: DCN) share price has fallen 3.5% to $2.90 after the gold miner announced the successful placement of shares with institutional investors to raise $40 million. The company raised the money at $2.70 per share and will use the funds to conduct an accelerated exploration program at Westralia and Cameron Well and extinguish a Jupiter life of mine royalty obligation. Dacian will now seek to raise a further $5 million through a share purchase plan.
The Integrated Research Limited (ASX: IRI) share price has crashed 24% lower to $2.29 after the release of a profit guidance update for FY 2018. For the 12 months ended June 30 the company expects to report revenue in line with FY 2017 and profit after tax growth to be up between 1% and 5% year-on-year. In the first-half profit after tax increased by 20% on the prior corresponding period, meaning things have deteriorated significantly over the last six months.
The Nearmap Ltd (ASX: NEA) share price has fallen almost 4% to $1.42. The geospatial map technology company’s shares have rallied significantly higher this week following the release of its preliminary FY 2018 results. Those results revealed record portfolio growth that caught many by surprise. I suspect that today’s decline is being driven by profit taking from some investors.
The Village Roadshow Ltd (ASX: VRL) share price has fallen a further 5.5% to $1.76. On Thursday the entertainment company completed the institutional component of its fully underwritten 5 for 26 pro rata accelerated non-renounceable entitlement offer to raise approximately $51 million. Village Roadshow raised the money at a significant discount of $1.65 per share and intends to use it to reduce its borrowings.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia has recommended Integrated Research Limited. 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.