The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down 0.4% to 5,782 in afternoon trade due largely to declines in the banking sector.
Four shares which have fallen more than most today are listed below. Here's why they have sunk lower:
The Adairs Ltd (ASX: ADH) share price has dropped 4% to 78 cents. Today's decline is likely to be down to more profit taking following a sharp rise in its share price this week. Even after two days of heavy declines, Adairs' shares are still up almost 25% in the last five trading sessions.
The Grange Resources Limited (ASX: GRR) share price has fallen 4% to 11.5 cents. The iron ore mining and pellet production company's shares have tumbled despite a rise in the iron ore price overnight. According to Metal Bulletin, the benchmark 62% fines made it four consecutive days of gains, rising 1% to US$56.30 a tonne.
The Melbourne IT Limited (ASX: MLB) share price has tumbled 3% to $2.94. Today's decline is likely to be attributable to a research note out of Bell Potter which revealed that its analysts have downgraded the IT company to a hold rating. Despite today's decline, Melbourne IT's shares have still gained over 57% this year.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has dropped almost 4% to $1.11. The majority of Australia's gold producers have sunk lower today following a drop in the gold price overnight. A strengthening U.S. dollar led to the spot gold price falling to US$1,245 an ounce. Gold has now fallen almost 4% from its June-high.
