The local sharemarket has managed to regain some composure this afternoon after falling by as much as 1.8% earlier in the session. As at 1:30pm (Sydney time), the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) were trading 1.2% lower each, weighed down by Greece's "No" vote together with falling commodity prices.
Unfortunately, these four widely-held stocks have fallen even harder than the market itself.
Slater & Gordon Limited (ASX: SGH) lost almost half its value recently after the Australian Securities and Investments Commission announced an investigation into its accounting practices (among other issues). The stock staged something of a recovery late last week and investors appear eager to use the opportunity to take their money off the table. The stock is down 5.5% at $3.62, with further falls possible.
Metcash Limited (ASX: MTS) is sitting within 2 cents of a new 14-year low with its shares down 4.5% for the day at just $1.07, despite the absence of any news that would specifically explain the fall. Metcash has come under enormous selling pressure recently as it continues to lose market share to rivals Woolworths, Coles and Aldi.
G8 Education Ltd (ASX: GEM), the once high-flying childcare operator has continued its rapid descent today, falling another 4.1% to $3.05. Late last week, the company made a bid for smaller rival Affinity Education Group Ltd (ASX: AFJ), which Affinity's board labelled as being "highly opportunistic". G8 has subsequently increased its stake in the business to 19.89% which shareholders don't appear to have appreciated.
Fortescue Metals Group Limited (ASX: FMG) fell 3.3% to $1.76 following another fall in the iron ore price overnight. Fortescue maintains higher operating costs and more debt than its larger counterparts which makes it considerably more susceptible to a fall in the commodity's price. The stock hit a fresh six-year low earlier in the session at $1.742.
