Volatility has returned to the Australian sharemarket in a big way today after Greece defiantly voted "No" to further financial support from Europe. The uncertainty prompted a violent response from investors who sold the S&P/ASX 200 Index: ^AXJO) (ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) 1.3% lower, each.
These four companies have performed even worse for the day…
Kathmandu Holdings Ltd (ASX: KMD) soared more than 25% early last week on the back of an "imminent" takeover offer. The shares rose to a high of $1.575 but have retreated since investors learned the specifics of the deal which may not be as lucrative as first thought. The stock is down 3.9% for the day at $1.47.
McAleese Ltd (ASX: MCS) fell another 20% today with its shares now fetching just 10 cents. The transport and logistics group joined the ASX boards in late 2013 and has been a constant disappointment ever since, falling more than 93% in that time. With a market capitalisation of just under $30 million, investors would be wise to give McAleese the wide berth.
Nearmap Ltd (ASX: NEA) opened higher this morning after it issued a trading update, forecasting a 29% increase in local revenues for the full-year whilst also increasing its net cash balance from $17 million to $19 million since the end of the financial year. The stock has since slipped 4.4% into the red, giving investors a great opportunity to buy (or top up on their existing stakes).
Oil Search Limited (ASX: OSH) shares have plunged 4.5% as oil prices extended their slide on Friday. According to the Fairfax press, Brent oil fell 2.8% to just US$60.32 a barrel, down roughly 13% since early May. US rig counts are again on the rise which appears to have stoked fresh concerns about the supply and demand imbalance in the global economy.
Given the uncertainty surrounding the Greek 'crisis' (indeed, no one even knows if it is actually a 'crisis'), investors should brace themselves for more volatility in the days, and even weeks ahead.
