It has been a disappointing start to June for investors with the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) suffering from a second straight day of losses.
The broader market has lost more than 0.8% today, with falls of more than 1% in the major banks leading the market lower.
Four shares that have been particularly hard hit today include:
Regis Healthcare Ltd (ASX: REG)
A number of residential aged care providers have been hit today but Regis has suffered the biggest blow with its shares falling nearly 10% to $4.33. The sharp decline comes after the Australian Financial Review (AFR) revealed that the Bank of America Merrill Lynch has downgraded a number of providers in the sector following a review that concluded the stocks are facing zero earnings growth. Another aged care provider, Estia Health Ltd (ASX: EHE) has also come into focus today after the same media outlet revealed that two private equity companies have been selling down their stakes in the company. The entire sector has been under increased scrutiny following the May budget where the government proposed to strip an additional $1.2 billion in funding over the next four years.
Shares of Regis have fallen around 24% since the start of 2016.
SEEK Limited (ASX: SEK)
SEEK shares have fallen more than 3% today after the company announced the sudden resignation of Joe Powell as the Managing Director of SEEK Education. Mr Powell has worked with SEEK for the past 10 years and will leave at the beginning of September 2016. No reasons were given behind the resignation but it is fair to say investors are generally cautious when it comes to management changes in any successful company.
Shares of SEEK have gained just over 2% for the year to date.
Orocobre Limited (ASX: ORE)
A number of shares in the lithium sector have been hit hard today after reports surfaced in The Australian that Rio Tinto Limited (ASX: RIO) has committed an additional US$20 million for its lithium deposit in Serbia that could potentially supply up to 10% of global demand for lithium. The entrance of bigger players into the lithium market is obviously bad news for junior miners like Orocobre which has seen its share price fall by around 7.5% today. Despite committing this additional funding for the project, it is not clear as to when the mine would come into production.
Despite today's decline, shares of Orocobrre have managed to climb more than 90% since the start of 2016.
Bendigo and Adelaide Bank Ltd (ASX: BEN)
Shares of Bendigo and Adelaide Bank have plunged 5.5% today following a broker downgrade. The shares are now trading at $9.45 a share after Goldman Sachs cut the shares to a sell from neutral. Fellow regional bank, Bank of Queensland Limited (ASX: BOQ) has also suffered a 2.5% fall today with Goldman Sachs also downgrading the shares to neutral from a buy.
Shares of Bendigo and Adelaide Bank have fallen nearly 21% for the year to date.
