Whilst it may have been a great start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), it hasn't been for all shares on the Australian market.
On the first trading day of the week the benchmark index finished up a solid 0.7% to 5,537 points, whereas these four shares finished the day deep in the red.
iCar Asia Ltd (ASX: ICQ) shares crashed almost 17% to 54 cents after releasing extremely disappointing revenue and earnings guidance to the market. For the full year it now expects revenue to come in between $6.75 million to $7.75 million with an EBITDA loss of between $14.5 million to $15 million. Management revealed the downgrade is a result of increased investment to consolidate its market position and weaker sales in Malaysia, Thailand, and Indonesia.
iCar Asia's share price is down 44% in 2016.
MMA Offshore Ltd (ASX: MRM) shares have dropped 3% to 33 cents after a market update revealed the suspension of a key contract in South East Asia for two of its vessels due to issues with its client's drilling campaign. As well as this it is expecting a significant rate reduction on a three vessel contract with a client in the Middle East. Combined it expects FY 2017 EBITDA to be negatively impacted by approximately $10 million. With EBITDA already looking likely to fall significantly next year, this is further bad news for the company and its shareholders.
MMA Offshore's share price has plummeted 40% in 2016.
OceanaGold Corporation (ASX: OGC) was among the worst performing gold miners today and dropped almost 7% to $4.44. OceanaGold and its peers were hit hard today after a fall in the gold price following strong U.S. non-farm payroll data. With a U.S. rate rise in 2016 back on the table, the gold price could now come under significant pressure.
OceanaGold's share price has still risen by around 66% in 2016.
Sundance Energy Australia Ltd (ASX: SEA) shares dropped over 3% to 14 cents despite no news out of the US-based energy exploration company. The fall in the oil price has hit the company incredibly hard and caused its share price to lose 70% of its value in the last 12 months. With oil prices continuing to remain at low levels, I'm not expecting a turnaround of fortunes occurring any time soon unfortunately.
Sundance Energy Australia's share price is down 17% in 2016.
