3 ASX stocks that were hammered today

ASX drops 0.5%, but these three fared worse, dropping by 5.9% or more.

Mike King

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Published February 5, 2013 4:24 pm AEDT

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has closed in the red for the second consecutive day, falling 0.5% to 4,882.7. Overnight, the Dow Jones Industrial Average dropped 0.9%, while the S&P 500 lost 1.2%, as concerns over Europe re-emerged.

The Australian dollar is steady against the US dollar, currently buying around 104 US cents, after the Reserve Bank of Australia left the official cash rate on hold at 3%.

These three stocks were among the worst performers in the ASX 200, falling 5.9% or more.

Cochlear Limited (ASX: COH) fell 9.3% to close at $72.96 after failing to beat analyst expectations. The company reported a net profit of $78 million, just shy of the expected $80 million. That may set the tone for this reporting season, with any company failing to meet or beat market expectations being harshly punished.

Coalspur Mines Limited (ASX: CPL) lost 8.3% to finish at 78 cents. Coalspur's flagship project is the Vista Coal project, and has the potential to be the largest export thermal coal mine in Canada. Sliding coal prices may be the main reason for the fall, with the company's share price dropping by more than 50% in the last ten months.

Gryphon Minerals Limited (ASX: GRY) fell 5.9%, ending at 48 cents. The company released its much-anticipated bankable feasibility study for its Banfora gold project in Burkina Faso last week, but the study shows the company will need more than $200 million to develop Banfora. With the gold price sliding recently, the market has cooled on new projects in Africa, especially for junior miners requiring a big chunk of capital to become operational.

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