As we approach the market close the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is trading lower by 0.5% at 5,661 points with almost all sectors in the red.
Four shares in particular have made notable declines today. Here's why they've sunk lower:
Cimic Group Ltd (ASX: CIM) shares have fallen 4% to $34.40 despite there being no news out of the construction company. With its former CFO Peter Gregg due in court soon over allegations that he falsified documents during his time at the company, I'm not too surprised to see its shares coming under pressure. I would keep well clear of the company for the time being.
OceanaGold Corporation (ASX: OGC) shares have tumbled 3% to $4.04 after the gold price gave back some of its recent gains. At the time of writing it is fetching US$1,208 an ounce. With Donald Trump due to be sworn in as U.S. president overnight, I believe the gold price could come under significant pressure if he follows up on the pro-growth policies he promised during the election.
OrotonGroup Limited (ASX: ORL) shares have plunged 14% to $1.81 after the retailer announced that its like for like sales have fallen a massive 10% so far in the first half of its fiscal year. According to management aggressive discounting and a weak women's range have contributed to the drop in sales. Whilst its shares look cheap now, I would suggest investors wait to see if there's an improvement in the second-half.
Sims Metal Management Ltd (ASX: SGM) shares have given back all of yesterday's gain with a 5% drop to $12.27. Today's decline appears to be related to a research note out of Credit Suisse which revealed that its analysts have downgraded the metals recycling company to an underperform rating following yesterday's market update.
