3 ASX stocks that were thumped yesterday

These companies performed poorly despite a flat market

Mike King

Mike King is a Fool.com.au Investment Analyst and Writer. He caught the investing bug more than a decade ago, at a time when the U.S. had invaded Iraq and fear reigned in the markets. His initial success as the markets took off encouraged his passion and thirst for knowledge. With 13 years behind him at one of Australia's largest domestic banks, Mike's passion for stocks led him to join a boutique funds management firm, where he stayed for four years. A seven-year stint in equity research at one of the largest investment banks in the world followed that, giving Mike a thirst to pursue his passion further. Mike holds a Diploma in Applied Finance and Investment and a Graduate Certificate in Financial Planning. His passion is to help retail investors invest better, and that passion was one of his primary reasons for joining The Motley Fool Australia in late 2011. Mike has written thousands of articles since joining, including for Fairfax Media, Yahoo!7, Ninemsn and has also appeared on ABC's The Business. You can see all of Mikes' holdings here

Published June 21, 2012 10:46 am AEST

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) managed to rise just 0.2% to close at 4,132.4 yesterday on media reports that Europe will release a road map to recovery and speculation of further stimulus from the US central bank.

Not exactly solid data to base your investing on. Any gains are likely to be short-lived, with fears likely to dash hopes and dump the markets on a day-to-day basis.

We'd rather focus on the long term anyway – these short-term blips will likely be forgotten in a week, compared to a multi-decade investment horizon.

Despite the market rise, these three stocks were thumped yesterday.

Integra Mining Ltd (ASX: IGR) was slammed down 7% to close at 40 cents, as investors may have realised that profits for this year may be affected due to mechanical problems at its Randalls gold project, near Kalgoorlie. Production has been halted for at least four days as the company tries to rectify issues with its processing plant.

Coalspur Mines Limited (ASX: CPL) fell 5.9% to close at 79.5 cents. Just two months ago, the stock was trading above $1.70. As I mentioned back in May 2012, Coalspur is developing a coal mine in Canada, which is expected to cost more than C$1bn, but the company has just $22m in cash in the bank at the end of March 2012, so shareholders can expect plenty more capital raisings to come.

Gryphon Minerals Limited (ASX: GRY) slipped 4.9% to close at 68.5 cents, just a day after rising 8.3%, as fear and optimism take turns influencing the market. Small ASX gold explorers and miners have seen massive volatility in their share prices in recent times, with Gryphon being no exception.

Other losers included Intrepid Mines Limited (ASX: IAU), down 4.7% to 50.5 cents, and Beadell Resources Ltd (ASX: BDR) down 4.4% to 64.5 cents.

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Motley Fool contributor Mike King doesn't own shares in any companies mentioned. The Motley Fool's purpose is to help the world invest, better. Take Stock is The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it's still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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