The S&P/ASX 200 (INDEXASX: XJO) (ASX: XJO) has jumped, rising 0.9% in late afternoon trading. But it's been a rocky day, with mixed performances from the top 20 stocks – which represent a large percentage of the index.
Here are 4 ASX stocks sold off today.
Energy Action Ltd (ASX: EAX) shares have swan-dived, losing more than 36% to trade around $1.26, after showing so much promise a few years ago. In late 2013, shares traded above $4 for some time, but it's been all downhill since then. Today the company revised down its operating net profit to between $2.6 and $3 million – compared to $4.5 million last financial year. Sales revenues are lower than expected, and Energy Action has been forced to write off accounts receivable from its largest metering agent – not a great look for management.
Transpacific Industries Group Ltd (ASX: TPI) has dropped 9.6% to 70.5 cents after the company's CEO quit just 18 months into the job. Robert Boucher has resigned, "to allow him to return to the USA for personal reasons". Shareholders don't like losing a CEO, particularly one in a company trying to turn around its performance. Waste management company Transpacific recently noted that it was almost 12 months into a multi-year journey.
Oil explorer Far Ltd (ASX: FAR) has seen its shares drop 8.6%, after JV partner Cairn Energy released a presentation to the London Stock Exchange. Far has a 15% stake in the joint venture – drilling for oil offshore Senegal, Africa, and according to Cairn, the SNE-1 well is potentially the world's largest offshore oil discovery in 2014. But there's still a long way to go for Far shareholders. Profits are Far away perhaps?
Novogen Limited (ASX: NRT) has dropped 6.3% to 29.5 cents. It appears the 23% jump in the shares last week and excitement over the news that its experimental cancer drug candidate, TRXE-009 appeared to be effective killing brain cancer cells, is wearing off. But as colleague Ryan Newman wrote at the time, "there is still a long way to go…", and "Novogen is not one to consider for the more risk-averse investor."
