The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and in afternoon trade is down 0.2% to 5,759 points.
Four shares which have weighed heavily on the market today are listed below. Here's why they have been slammed:
The Auscann Group Holdings Ltd (ASX: AC8) share price has fallen for a second day in a row, this time by 5% to 49.5 cents. The medicinal cannabis company's shares have come under heavy selling pressure following a $12 million capital raising at 50 cents per share. Today's decline means the pot stock is now down almost 25% in the last 30 days.
The Bank of Queensland Limited (ASX: BOQ) share price has tumbled 2.5% to $11.35. Today's decline is likely to be attributable to the regional bank advising that Standard & Poor's had downgraded its long-term issuer credit rating to a BBB+ rating. A build-up of economic imbalances in Australia due to a rapid rise in private sector debt and house prices is behind the downgrade. A total of 23 Australian financial institutions were downgraded with a stable outlook.
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen almost 3% to $5.22. Yesterday the iron ore producer rallied strongly following a rise in the iron ore price. But with the Australian Financial Review reporting that China's iron ore stockpiles have reached a record high, it seems that some traders aren't overly confident that the iron ore rally will continue for much longer.
The Surfstitch Group Ltd (ASX: SRF) share price has plunged 7% to 7 cents after the company acknowledged reports that a class action against the company has been filed with the Supreme Court of Queensland. Although it is not in receipt of any claim at present, management will keep the market updated. Following yesterday's disastrous trading update, this is the last thing shareholders wanted to hear. This is a retailer that should be avoided at all costs in my opinion.
