After recovering from a sharp decline this morning the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is trying hard to finish the week on a positive note. In afternoon trade the index is lower by just 0.1% to 5,436 points.
Four shares which have dropped significantly lower and have been acting as a drag on the market today are as follows:
EVOLUTION FPO (ASX: EVN) shares have dropped by 4% to $2.27 today. Most of Australia's gold miners have fallen into the red today after the gold price retreated overnight. After having such a great run this year I personally feel now is the time to take profits and look elsewhere in the market. If the Federal Reserve raises rates in the United States in December I expect significant pressure being placed on the gold price.
Healthscope Ltd (ASX: HSO) shares have plummeted almost 18% to $2.40 after the private hospital and pathology operator released a trading update to the market. The company warned that first quarter trading has been weak and should conditions not improve as the year goes by then its Hospital segment would be unlikely to deliver EBITDA growth. This news also sent the shares of its rival Ramsay Health Care Limited (ASX: RHC) tumbling by over 5%.
SKYCITY Entertainment Group Limited-Ord (ASX: SKC) shares have plunged 12% to $3.54 after releasing a disappointing quarterly result. Normalised revenue fell 5.7% to $262 million thanks largely to a 20.2% drop in its VIP gambling business. Unfortunately due to the events which unfolded in China this week the company expects VIP play to remain weak in the near term.
Spotless Group Holdings Ltd (ASX: SPO) shares are down 5% to 99.2 cents on the day of its annual general meeting. At the meeting management reiterated that FY 2017 will be a transitional year as the company adjusts to life after the loss of significant contracts. Unfortunately management brought nothing positive of note to the table during the meeting. Judging by the share price reaction today some investors have lost patience with the company.
