Today, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) shrugged off selloffs from international markets overnight to post a modest gain. However, the following four ASX shares sunk into the red.
Simonds Group Ltd (ASX: SIO) – down 42%
The Simonds Group Ltd share price traded sharply lower today after the building group shocked investors by saying it expects to report a loss of between $2 million and $4 million for the first half of 2016. Simonds said deferrals in site starts, increased competition, high land prices and no commensurate increase in consumer buying prices led to the profit downgrade. You can read more here.
Australia and New Zealand Banking Group (ASX: ANZ) – down 1.6%
While not a big move in percentage terms, Australia and New Zealand Banking Group's share price retreat comes after the bank dropped 4% yesterday. ANZ shares are down over 38% since their 52-week high of $37.25 posted in May 2015. ANZ, like its peers, is facing significant headwinds from both local and international markets, and it appears investors are starting to take a bearish stance on the bank.
BC Iron Limited (ASX: BCI) – down 7%
Junior iron ore miner BC Iron traded sharply lower today following more falls in commodity prices. Overnight, iron ore, a steel-making ingredient, was fetching just $US41.61 according to the Fairfax Press — down from over $US180 a tonne in 2011. The plunging market prices have wreaked havoc with shares of junior iron ore miners like BC Iron, whose break-even prices are usually higher than major producers like BHP Billiton and Rio Tinto. Since early 2014, BC Iron shares have fallen from more than $5 to 7.7 cents.
Slater & Gordon Limited (ASX: SGH) – down 3.5%
Shares of Slater & Gordon slumped 3.5% today despite no company-specific news being released by the company. The selloff could have something to do with the decision by rival law firm Shine Corporate Ltd (ASX: SHJ) to enter its shares into voluntary suspension this morning. Shine says it is reviewing its procedure for determining profit guidance, specifically focusing on its 'Work in Progress', a common line item for law firms.
