Despite today's disappointing GDP data the ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) has continued to climb higher as we approach the close. In afternoon trade the All Ordinaries is higher by almost 0.9% to 5,533 points.
Unfortunately not all shares have managed to climb higher today. The following four shares have sunk like stones.
Champion Iron Ltd (ASX: CIA) shares are down 4% to 46.5 cents. Despite iron ore making a move on US$80 a tonne and sending most iron ore miners soaring, investors appear happy to lock in some gains in Champion Iron after a 94% rise in its share price in the last 30 days. This is a sensible approach in my opinion as I see significant pressure on iron ore prices coming in 2017.
Hansen Technologies Limited (ASX: HSN) shares have fallen almost 5% to $3.62 following the sudden resignation of its director Peter Berry. According to the release Mr Berry left yesterday after almost four years at the company. No reason has been given for his departure. I think billing specialist Hansen is a fantastic business, but a sudden departure of this nature does tend to be a little worrying.
Noni B Limited (ASX: NBL) shares have dropped almost 7% to $1.40 despite there being no news out of the women's clothing retailer. Although its shares have dropped sharply lower today, year-to-date they are still higher by a remarkable 47%. This gain is largely the result of the retailer swinging from a $5.4 million loss in FY 2015, to a $3.3 million profit in FY 2016. In FY 2017 the company will receive a boost from the recently acquired Pretty Girl Fashion Group. The deal increased its store network to almost 600 stores.
Syrah Resources Ltd (ASX: SYR) shares are down 5% to $2.70. It really has been a tale of two halves for the graphite miner. The first half of 2016 saw Syrah's share price rocket by around 63%. But since then it has been nothing but down unfortunately. In the last six months the miner's share price has lost 56% of its value and sits within touching distance of its 52-week low. Short interest continues to rise, which may be an indication that it could yet go lower.
