After a strong performance last week, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has started this week off on the back foot with a decline of 0.67% to 5,334 points.
The gold, materials and financial sectors have been the biggest detractors today, with some support coming from the industrial and telecommunications sectors.
Four companies that have seen their share prices get crushed today, include:
Scottish Pacific Group Ltd (ASX: SCO)
Shares of Scottish Pacific have plunged more than 25% today after the debtor financing company announced that it would not achieve its FY17 prospectus forecasts. The company noted that lower-than-expected levels of borrowing during the first four months of the financial year would likely result in a 7.5% decline in forecast net revenue. As a result, the company now expects to deliver pro-forma NPATA of $30.8 million, compared to the $31.8 million forecast in its July prospectus.
Northern Star Resources Ltd (ASX: NST)
The recent horror run for gold shares has continued today, with the sector losing another 6.8% by mid-afternoon. Interestingly, Northern Star has been one of the worst hit gold shares today, despite releasing a positive drilling update. Its shares have fallen nearly 8% as investors look to reduce their exposure to the safe haven asset in search of more attractive returns elsewhere.
Westpac Banking Corp (ASX: WBC)
Shares of Westpac have fallen 3.7% to $30.73 after trading ex-dividend today. The bank declared a final fully franked dividend of 94 cents per share with a payment date of 21 December. Australia and New Zealand Banking Group (ASX: ANZ) is also trading ex-dividend today, although its shares are only trading 1.5% lower to $27.90. ANZ declared a final fully franked dividend of 80 cents per share that will be paid to shareholders on 16 December.
Corporate Travel Management Ltd (ASX: CTD)
Shares of Corporate Travel have fallen more than 4.5% to $16.99 today, despite the absence of any news from the company. It appears some investors may be locking in profits today after some healthy share price gains over the past 12 months. The shares hit an all-time high of $19.25 only a couple of weeks ago after the company re-affirmed its full year guidance for profit growth of up to 30%. Although Corporate Travel shares still trade on a pretty lofty earnings multiple, I believe any further falls from here would make it an interesting investment proposition.
