It would seem as though Australian investors have moved on from the Greek debt crisis with the local market rising for the third consecutive session. The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up 1.4% for the day at 5,593 points, which represents a 3.8% gain since it hit a low of 5,390 on Tuesday.
Although the gains have been widespread; these four stocks still failed to fire…
Affinity Education Group Ltd (ASX: AFJ) lost nearly a third of its value after the company forecast underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $27-32 million, which compares to a consensus estimate of $35.5 million. The shares are down 32.3% at 55.5 cents per unit.
McAleese Ltd (ASX: MCS) has continued its slump with the shares falling a further 16% during today's session to just 10.5 cents – down 83% since August 2014 and 93% since its December 2013 float. McAleese provides transport and logistics solutions and has been heavily impacted by a slowdown in the mining sector. Indeed, investors would be well advised to give this stock a wide berth.
Northern Star Resources Ltd (ASX: NST) lost 3.8% following another decline in the spot price of gold overnight. Arguably, the shiny metal should be gaining value right now due to the high level of global uncertainty associated with Greece's debt, but it fell 0.3% during the latest session to be fetching just US$1,168 per ounce.
Kathmandu Holdings Ltd (ASX: KMD) lost 1% of its price as investors reacted to the takeover offer proposed by fellow New Zealand-based retailer, Briscoe Group. The offer, comprising both cash and scrip, values Kathmandu at around $1.55 per share which is below the price the stock surged to when it was first announced that a takeover was imminent.
Despite the market's gains over the last three days, there are still plenty of great buys out there to be found which could generate huge gains over the long term!
