Yesterday the benchmark the S&P/ASX 200 (Index: ^AXJO) had a solid start to the week, finishing the day with an almost 0.4% gain to 5,724 points.
Four shares which weren't able to follow the market higher and started the week in the red are listed below. Here's why they sank:
The 8I Holdings Ltd (ASX: 8IH) share price fell 7% to 39 cents. Unfortunately for its shareholders, the Singapore-based investment company's shares have been amongst the worst performers on the market this year. Year-to-date its shares are down over 45% due largely to weak full-year guidance which revealed an expected 26% to 35% decline in profits.
The Lynas Corporation Ltd (ASX: LYC) share price fell 8% to 11 cents. With no news out of the company, yesterday's decline is likely to be attributable to profit-taking. After all, the rare earth minerals producer's shares have rallied almost 30% since this time last month.
The Nearmap Ltd (ASX: NEA) share price fell almost 7% to 62.5 cents despite there being no news out of the aerial imagery company. Unfortunately this latest decline means its shares have now given back all the gains made following the release of a strong preliminary full-year result last week. I think this could make it an opportune time to snap up shares.
The Orecorp Ltd (ASX: ORR) share price fell a massive 32% to 19 cents after the gold miner provided a further update on proposed legislative changes in Tanzania. According to the update, the Tanzanian government will take not less than a 16% free carried interest in all mining operations under a mining licence or special mining licence. This could result in a reduction of OreCorp's potential attributable share of earnings from its Nyanzaga joint venture.
