The All Ordinaries (Indexasx: XAO) (ASX: XAO) has closed up 0.6% at 5,928.3, as large cap oil and mining stocks drove the market higher.
These 5 stocks were crunched by investors. Here's our view.
Junior iron ore miner BC Iron Limited (ASX: BCI) continues to feel the pain after compatriot Atlas Iron Limited (ASX: AGO) voluntarily suspended its shares, thanks to the sliding iron ore price. BC Iron saw its shares lose 9.8% to 27.5 cents today. The question is, who's buying the company's shares even at these prices given the huge risk?
Clover Corporation Limited (ASX: CLV) fell 10.3% to 17.5 cents, and has now lost 22% in the past 2 trading days. The company turns fish oil into powder for addition to processed foods and baby formula. In the last half, Clover saw its net profit fall 50%, despite revenues increasing, and doesn't look to be an investment grade company.
Australian Pharmaceutical Industries Limited (ASX: API) fell 6.1% to $1.62. The owner of the Priceline discount stores, pharmacies and wholesale pharmaceuticals distribution could be entitled to see some sell off after rising 189% in the past 12 months. And that's despite forecasting 30% growth in underlying net profit for the six months to end of February 2015.
Litigation funder IMF Bentham Ltd (ASX: IMF) saw its shares drop 5.1% to $1.945, after it lost a class action case against Australia and New Zealand Banking Group (ASX: ANZ) in the Federal Court today. IMF says it plans to appeal to the High Court of Australia, but another negative decisions would be a huge blow. IMF was planning on taking several other banks to court over high bank fees and charges if successful against ANZ.
Cash Converters International Limited (ASX: CCV) fell 3.7% to 77.5 cents. The pawnbroker and small loans financier has seen its shares drop 16.7% over the past week, most likely on the back of an ABC program Four Corners on March 31, which was scathing in its view of payday lenders. Whether that was fair or not is a judgement call, but clearly some investors may have been spooked.
