In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is higher for a third day in a row with a 0.7% gain to 5,627 points.
Although almost all sectors are in the green today, there have been a number of notable share price declines. Here are four that caught my eye:
Codan Limited (ASX: CDA) shares have continued their poor run and fallen 9% to $1.78. This is the second day in a row of heavy declines despite there being no news out of the communication equipment and metal detector manufacturer. With its shares up 166% year to date I wouldn't be surprised if this is just a spot of profit taking from investors.
Perseus Mining Limited (ASX: PRU) shares have sunk 4.5% to 32 cents following another drop in the gold price. At present the spot gold price fetches US$1,130 an ounce, down slightly from yesterday. Unfortunately for gold miners like Perseus Mining, I can see further declines for the precious metal next year when U.S. interest rates rise.
Slater & Gordon Limited (ASX: SGH) shares have plunged almost 5% to 25.2 cents after the embattled law firm revealed that it is under investigation by ASIC for allegedly deliberately falsifying its accounts between 1 December 2014 and 29 September 2015. As far as I'm concerned Slater & Gordon is a share which must be avoided by investors at all costs.
Touchcorp Ltd (ASX: TCH) shares have fallen a staggering 31% to $1.15 after the payments company provided a market update this morning. Not only did the update reveal a slowdown in revenue growth from its half-year results, but also a significant drop in operating profit. The company undoubtedly has potential, but it certainly needs to start realising it.
