Thanks largely to strong gains in the materials sector the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has started the week strongly. In early afternoon trade the benchmark index is almost 1% higher at 5,422 points.
Unfortunately not all shares are following suit today. These four shares in particular are going against the grain and sinking much lower today.
Aconex Ltd (ASX: ACX) shares have dropped almost 4% to $6.30 despite there being no news out of the company today. Unfortunately for shareholders the share price of Aconex has been bouncing all over the place recently thanks largely to mixed views from many leading brokers. Although its shares are still trading on sky high earnings multiples, I personally believe that the strong growth prospects make it a great long-term buy at the current share price.
Estia Health Ltd (ASX: EHE) shares have unfortunately continued their steep decline, this time by around 20% to $2.53. A research note out of investment bank CLSA revealed that the embattled aged care operator has been downgraded by its analysts to a sell rating along with rivals Japara Healthcare Ltd (ASX: JHC) and Regis Healthcare Limited (ASX: REG). This comes following an update on guidelines for additional private fees in residential aged care from the federal government last week.
Macquarie Atlas Roads Limited (ASX: MQA) shares have dropped almost 5% to $5.28 after coming out of a trading halt. Its shares went into a trading halt on Friday whilst Macquarie Group Ltd (ASX: MQG) completed the selldown of a portion of its stake in the company. Macquarie sold a total of 53 million securities at an average price of $5.32 per security to a range of institutional investors via a bookbuild.
Surfstitch Group Ltd (ASX: SRF) shares have plummeted 5% to 15.7 cents. Today's decline means the struggling surfwear retailer's share price has now dropped by over 31% in the last seven days and 92% year to date.
