It's been a good day for Australian equities in general, with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) trending 0.8% higher at 5979 points late in the session thanks, in large part, to a rallying iron ore price.
While the gains have been widespread; a number of stocks have endured heavy losses, including these four:
M2 Group Ltd (ASX: MTU) shares have fallen 5.5% to be trading at $10.89 after the company lodged a bid for internet services provider iiNet Limited (ASX: IIN). The size of the deal, worth more than $1.5 billion, may have spooked investors, especially after its recent acquisition of New Zealand's Call Plus Group for $250 million.
Meanwhile, TPG Telecom Ltd (ASX: TPM) has also fallen 5.8% as a result of M2 Group's offer. TPG already had a $1.4 billion offer in place and most investors believed that was a bargain considering the synergies that TPG would recognise. TPG will now be forced to forego those synergies, or else pay a much higher price for them.
Hills Ltd (ASX: HIL) has fallen 16.5% to be trading at 66 cents per share after it downgraded its full-year profit guidance. The company had previously provided guidance of between $18.5 million and $19.5 million, but now expects net profit after tax (NPAT) to be in the range of $11 million and $14 million. You can read more about that here.
Northern Star Resources Ltd (ASX: NST) shareholders have had a day to forget. The gold miner has been the worst performing stock from the ASX 200 due to a heavy fall in gold prices late last week. The shiny metal fell 1.6% to US$1,175 an ounce, while Northern Star's shares dipped 6.1% to $2.09.
