The Australian sharemarket is sinking lower for the third day in a row with investor confidence being sapped by weak Chinese manufacturing data and crumbling commodity prices. The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down roughly 0.6%, as is the broader ALL ORDINARIES (Index: ^AXAO) (ASX: XAO).
Here are five companies that are performing particularly poorly for investors leading into the weekend:
Acrux Limited (ASX: ACR) was crunched by investors after the drug delivery group reported the sales results of its Axiron product for the June quarter. Axiron's net sales were just US$32.4 million for the quarter, compared to US$47.1 million in the prior corresponding period. Full-year sales were also down 14.2% compared to last year at US$155.4 million.
Infomedia Limited (ASX: IFM) tumbled 4.9% to trade at $1.06 after hitting a low of $1.01 earlier in the session. The company issued an updated profit guidance after the market closed yesterday, expecting a net profit after tax (NPAT) of $13.2 million, falling short of the $13.7 million previously forecast.
Dick Smith Holdings Ltd (ASX: DSH) plunged 5.2% to trade at $2.02 per share. The fall could be attributed to a report by the Fairfax press this morning that suggests Dick Smith's relationship with David Jones could be nearing an end. The company is currently in a three-year contract with the department store chain to sell consumer electronics within some of its stores, although the media report referred to rumours that both parties want out of the contract.
Slater & Gordon Limited's (ASX: SGH) nightmare run continued with the once high-flying legal eagle falling another 5.4%. Slater & Gordon's accounting relationship with its auditor is under investigation by the Australian Securities and Investments Commission with errors having already been found in the UK. Investors are understandably concerned that further issues are yet to be uncovered.
Catapult Group International Ltd (ASX: CAT) has generated fantastic returns for shareholders since its debut on the market in December 2014, but investors might be growing cautious after Bell Potter downgraded the stock from 'Buy' to 'Hold', despite lifting its price target to $1.50. The stock has fallen 5.8% today after falling the same amount during Thursday's session.
