3 ASX stocks that were slammed by the market

ASX falls 0.3%, but these three fell by 5% or more

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 December 6, 2012 4:46 pm AEDT

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has fallen 0.3%, to close at 4,509.3, despite rises by its international peers overnight, a fall in domestic unemployment and the RBA's cut to official interest rates yesterday. Rises in our two biggest listed miners also failed to support the market.

Somedays, there's just no pleasing the market, maybe investors have given up and declared Christmas early.

The Australian dollar has risen against the US dollar, currently buying 104.6 cents.

These three stocks lost 5% or more.

Intrepid Mines Limited (ASX: IAU) slumped 10.17% to close at 26.5 cents. The gold and copper miner appears to have lost control of its flagship Indonesian project, when it was effectively locked out by its Indonesian partner in July. Whether the company can regain control remains to be seen.

Northern Star Resources Ltd (ASX: NST) lost 5.9% to end at $1.20, despite an upbeat presentation by the gold miner earlier this week. Plans by executives and a cornerstone investor to sell down their share of the company may have spooked investors. The company explained the moves as necessary to establish itself as a "blue-chip Australian gold miner". Investors don't appear to be having a bar of it.

APN News & Media Limited (ASX: APN) fell 5% to close at 28.5 cents. The media company with publishing, radio and advertising operations has seen its share price more than 83% since the beginning of 2011, as the advertising market fell off a cliff and shows no signs of recovery. With nothing positive on the horizon, investors may be marking the company down.

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Motley Fool writer/analyst Mike King doesn't own shares in any company 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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