The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) has rocketed up 1.4% in trading today, following yesterday's flat finish and 6 consecutive down days before that.
Since the start of this month, the index is down 5.2% already, but today's rise will offset some of the pain…except for these stocks, which were crunched on the market.
The Australian dollar jumped nearly 3 cents against the New Zealand dollar, after the Kiwi Central Bank cut interest rates for the first time in four years, from 3.5% to 3.25%. The Aussie is buying NZ$1.11 currently. As a result, several New Zealand-based companies listed on the ASX saw their shares plunge.
Air New Zealand Limited (ASX: AIZ) fell 4.9%, Metro Performance Glass Ltd (ASX: MPP) dropped 5.9%, Chorus Limited (ASX: CNU) lost 3.5%, while Spark New Zealand Ltd (ASX: SPK) fell 4.1%. Xero FPO NZ (ASX: XRO) dropped 3.9%.
Property developer Sunland Group Limited (ASX: SDG) fell 3.7% to $1.685. The company's shares are virtually flat since the start of the year, but Sunland has big plans for the future. The company recently announced the settlement of 41.9 hectares of development land in Mermaid Waters on the Gold Coast for $61 million. Sunland has approval to build 1,425 dwellings, with an estimated overall end value of in excess of $850 million.
Listed investment company (LIC) Australian Leaders Fund Limited (ASX: ALF) fell 4.3% to $1.11, Earlier this month, the company reported that the gross portfolio value had dropped 0.44% in May 2015, while the All Ordinaries Accumulation Index had increased by 0.6%. Australian Leaders takes long and short positions on the ASX, and has produced compound annual returns of 14% over the past decade, but last month suggested that the ASX was overvalued, as profit growth slows.
