In late afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has clawed back some of its early declines to sit lower by 0.5% to 5,403 points.
Only the consumer staples and healthcare sectors are currently in positive territory, with the information technology sector the worst performer today with a 1.4% drop.
Four shares which have been dragging the market lower are as follows:
Aconex Ltd (ASX: ACX) shares have dropped 3% to $6.50 despite there being no news out of the software as a service company. Unfortunately for shareholders the market still seems very much undecided on Aconex at the moment and its shares are being bounced all over the place as a result. I would suggest investors be patient. This is a company with a bright future of ahead of it and I expect the bulls will eventually take control.
Intueri Education Group Ltd (ASX: IQE) shares have dropped an incredible 80% to 5.9 cents following the release of its shares from a self-imposed trading halt. The company revealed that two of its key businesses have been audited and were not compliant with Australian Skills Quality Authority standards. The two businesses which are expected to provide two-thirds of full year earnings now face the prospect of having their registrations cancelled.
Medibank Private Ltd (ASX: MPL) shares have dropped by 4% to $2.41 despite there being no news out of the health insurance company. After dropping 18% in the last three months its shares are now expected to provide investors with a fully franked 4.5% dividend in FY 2017 according to CommSec. This makes it a reasonably attractive investment option for income investors now in my opinion.
OceanaGold Corporation (ASX: OGC) shares plunged 8.2% to $4.35 in the minutes leading up to it being placed into a trading halt this afternoon. The halt was requested so the company can make an announcement to the market relating to its Didipio Gold-Copper Mine in the Philippines. According to The Australian the Philippino government has ordered the closure of the Didipio mine. This will be a disaster for the company considering it is OceanaGold's key operation and pumps out approximately 100,000 ounces of gold and 14,000 tonnes of copper each year.
