Why Galaxy Resources, Suncorp, Vocus, and WiseTech Global shares dropped lower today

Here's why the Galaxy Resources Limited (ASX:GXY) share price and the WiseTech Global Ltd ASX:WTC) share price are two of four ending the week in the red…

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In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and is on course to finish the week on a disappointing note. At the time of writing the ASX 200 is down 0.5% to 5,476.7 points.

Four shares that have fallen more than most today are listed below. Here's why they are ending the week in the red:

The Galaxy Resources Limited (ASX: GXY) share price is down 4.5% to $2.10. This is the second day in a row of heavy declines for the lithium miner and has been caused by a disappointing update out of rival Orocobre Limited (ASX: ORE) on Thursday. Orocobre's update revealed that it has experienced a sudden and severe decline in the price of its lithium carbonate. The company averaged a price of US$10,800 per tonne for its lithium carbonate during the quarter, down 15% from the previous quarter.

The Suncorp Group Ltd (ASX: SUN) share price has dropped 3.5% to $12.45 after Sydney was hit with a severe storm on Thursday. Rival Insurance Australia Group Ltd (ASX: IAG) has also seen its share price tumble lower after the insurance giant advised that it estimates the pre-tax cost of the Sydney storms will be $169 million.

The Vocus Group Ltd (ASX: VOC) share price has fallen almost 8% to $3.07 despite there being no news out of the telco company. But with its shares charging significantly higher over the last six months, I wouldn't be surprised if investors are taking a bit of profit off the table today.

The WiseTech Global Ltd ASX: WTC) share price is down 4.5% to $16.40 after it revealed that one of its directors has sold a large parcel of shares. According to a change of director's interests notice, independent non-executive director Charles Gibbon offloaded 100,000 shares at an average price of approximately $18.36 per share last week.

Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of Insurance Australia Group Limited and WiseTech Global. The Motley Fool Australia has recommended Vocus Communications 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.

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