In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from early declines and is up 0.1% to 5,672 points.
Four shares which haven't been able to follow the market higher today are listed below. Here's why they sank lower:
The AMA Group Ltd (ASX: AMA) share price has fallen 6% to 93.5 cents despite there being no news out of the automotive aftercare company. Its shares have now fallen 13% since it launched a takeover approach for the embattled Automotive Solutions Group Ltd (ASX: 4WD). It would appear as though shareholders feel the company's money could be better spent elsewhere.
The Fortescue Metals Group Limited (ASX: FMG) share price has dropped 3% to $4.60 after the iron ore price fell to an 11-month low. This latest decline means the iron ore producer's shares have lost almost a third of their value in the last three months. Whilst its shares do look dirt cheap now, until the iron ore price finds its bottom I would resist investing in Fortescue.
The Independence Group NL (ASX: IGO) share price has tumbled 5% to $3.38. The majority of Australia's leading gold miners have plunged lower today after a strong run over the last few days. As I'm not bullish on the gold price in the long-term I would avoid Independence Group, especially as it is one of the most shorted shares on the ASX.
The Woodside Petroleum Limited (ASX: WPL) share price is down 2% to $30.87 after oil prices crashed 5% overnight. Oil prices plunged after data revealed a surprise rise in U.S. stockpiles when the market had expected stockpiles to decline. Unfortunately for oil producers, it looks unlikely that OPEC's production cut will impact the global supply glut significantly.
