In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down a disappointing 0.9% to 5,657 points with almost all sectors in the red.
Four shares which have fallen more than most today are listed below. Here's why they are deep in the red:
The Galaxy Resources Limited (ASX: GXY) share price has fallen almost 4% to $2.64. I suspect today's decline is related to profit-taking following a meteoric share price rise. Even after factoring in this decline, the lithium miner's shares are up in excess of 44% in just 30 days. As I said earlier, I think Galaxy could be a great buy and hold investment option.
The Northern Star Resources Ltd (ASX: NST) share price has dropped 5% to $4.92 after the gold price tumbled towards a one-month low. The gold price came under pressure after the U.S. Federal Reserve hinted that it may raise rates once more this year and three times in 2018. I think the gold price will continue to slide over the next 12 months, making now a good time to take profits off the table.
The Syrah Resources Ltd (ASX: SYR) share price has emerged from its trading halt and fallen almost 7% to $3.54. The graphite miner has just undertaken a fully underwritten $110 million capital raising to fund the ramp up of its Balama graphite project and to support the acceleration of its Battery Anode Material strategy. The funds were raised at $3.38 per share.
The Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price has tumbled nearly 3.5% to $16.27 after the release of the conglomerate's full-year result. Full-year regular net profit, which excludes unusual items, came in 59% higher at $282 million in FY 2017. The company also increased its dividend to 32 cents per share, making it the 17th consecutive year of dividend increases.
