In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back all of its early gains and is flat at 5,689 points.
Four shares that have made notable declines today are listed below. Here's why they are lower:
The Acrux Limited (ASX: ACR) share price has continued to slide lower, this time by almost 3% to 18.5 cents. On Wednesday the pharmaceutical company's shares plunged 29% after it announced the mutual termination of its licensing agreement with Eli Lilly for its Axiron drug. Unfortunately, things look very bleak for Acrux right now.
The Resolute Mining Limited (ASX: RSG) share price has fallen 3% to $1.22. The majority of Australia's gold miners have tumbled lower today after the gold price edged slightly lower. Furthermore, with Resolute's shares up almost 18% since August 28, I suspect there may be a spot of profit taking going on.
The Updater Inc (ASX: UPD) share price is down 4.5% to $1.33 after successfully completing a $50 million institutional placement at $1.25 per CDI. The funds raised will finance the acquisitions of IGC Software and Asset Controls, fund the rollout of its new insurance division, and increase its working capital in order to accelerate the sale of Business Products into additional verticals. I think Updater could be worth a look at the current share price.
The Yancoal Australia Ltd (ASX: YAL) share price has plunged 10% to 10.5 cents despite there being no news out of the coal miner. This latest gain means that Yancoal's shares have now lost almost two-thirds of their value in just the last three months. Whilst it may look cheap now, I believe there are far better options for investors in the resources sector.
