Overall, it's been a positive day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) which is up 1% and benefiting from a lift in investor optimism and stronger-than-expected economic figures from China. Unfortunately, the market hasn't been so kind to these four stocks.
Retail Food Group Limited (ASX: RFG) has come under further selling pressure today, falling another 3.4% to $5.34. Today's loss comes despite the absence of any company-specific news, although it is possible investors are reacting to weak consumer sentiment numbers from the latest Westpac-Melbourne Institute index. Retail Food Group has now lost more than a third of its value since early March.
Perpetual Limited (ASX: PPT) plummeted 6.2% after the fund manager announced a depreciation in funds during the three months to 30 June as a result of the market's falls. It blamed a $1.7 billion decrease on "market depreciation" and as institutional clients' rebalanced their portfolios. Magellan Financial Group Ltd (ASX: MFG) recently suffered a similar fate as its shares plunged in price last week.
Fortescue Metals Group Limited (ASX: FMG) took a spell after yesterday's strong gain with iron ore recording a minor fall overnight. The commodity is currently worth around US$50 a tonne but some experts believe it will sink below US$40 a tonne by the year's end. Fortescue's shares are down 2.5% for the day and 60% over the last 12 months.
Falling iron ore prices are also creating headwinds for BHP Billiton Limited (ASX: BHP) although the Big Australian is falling today for a separate reason.
Earlier, BHP Billiton flagged a US$2.8 billion write-down on its US Onshore petroleum assets which will impact its 2015 earnings, set to be reported late in August. The miner fell 1.4% and acted as the heaviest drag on the market as a whole.
