Following the lead from overseas the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is flying higher today. It has so far climbed an impressive 1.8% to 5,391 points.
Despite the strong gains today, some shares have been defying the market trend and heading lower. Here are four shares heading lower today:
Newcrest Mining Limited (ASX: NCM) shares have declined by around 4.5% to $19.15 following a drop in gold futures to US$1,228 per troy ounce. With Citigroup predicting that the price of gold could drop to US$1,000, further declines could potentially be on the way for shareholders of this gold miner.
Despite recent declines, Newcrest Mining's share price is still up by 47% in 2016.
Saracen Mineral Holdings Limited (ASX: SAR) shareholders will be disappointed to see its share price drop by around 9% today to $1.16. Although it is classed as a mineral exploration and development company, its focus is primarily on gold. So just like Newcrest Mining and Resolute Mining Limited (ASX: RSG), it is likely to see its share price drop if the gold price continues to decline.
Saracen Minerals has been on a tear this year with an 88% return for shareholders.
Shine Corporate Ltd (ASX: SHJ) shares have dropped around 4% to $1.22 today despite no news being released to market. With the share price of the embattled law firm up by around 80% in the last three months, today's decline could be attributed to profit taking. I believe both Shine Corporate and Slater & Gordon Limited (ASX: SGH) are liable to wild swings in their share prices at the moment, which make them high-risk investments.
Despite the strong gains in the last three months, Shine Corporate's share price is still down 38% this year.
Sirtex Medical Limited (ASX: SRX) has seen its share price sink 2.5% to $30.10. Shareholders of this cancer treatment company have suffered a disappointing 2016, but if it can deliver on its earnings expectations I believe the share price could retrace a lot of its declines. According to CommSec, analysts are expecting earnings to grow by a massive 45% per annum for the next couple of years. This could make the latest drop an opportunity to buy in at a good price, in my opinion.
Sirtex shares are now down by 25% so far in 2016.
