It has been a disappointing day so far for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade the index is 0.7% lower to 5,707 points with almost all sectors dropping lower.
Four shares in particular have stood out with substantial declines today. Here's why they've dropped lower:
Beach Energy Ltd (ASX: BPT) shares have fallen almost 4% to 76.7 cents despite there being no news out of the oil and gas company. Beach Energy's share price has climbed a massive 97% in the last 12 months thanks to rising oil prices. But with increasing production being predicted in the United States, I wouldn't expect to see oil prices climb much higher from here. Now could be a good time to lock in those gains.
BT Investment Management Ltd (ASX: BTT) shares have dropped 6.5% to $9.89 today. Today's decline is likely to be related to speculation that British prime minister Theresa May will announce plans for a clean break away from the European Union later today. The prospect of a hard Brexit sent the British pound to a 30-year low overnight. This is bad news for BTIM as it earns the majority of its revenue in British pounds through its JO Hambro business.
Galaxy Resources Limited (ASX: GXY) shares have declined by almost 4% to 64.7 cents. Prior to today the lithium miner had seen its share price rise by a whopping 25% already in 2017. In light of this I believe it is likely that the decline in its share price today is the result of profit taking.
iSentia Group Ltd (ASX: ISD) shares have plunged almost 5% to $2.62 even though there was no notable news out of the media-monitoring company. I believe this recent decline could be a good opportunity for bargain hunters to snap up its shares. After a disappointing first half, management is confident that it can turn its performance around in the second half.
