The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) look sets to end its winning streak on Friday. In afternoon trade the index is down 0.25% to 5,867 points.
Four shares that have fallen more than most today are listed below. Here's why they are ending the week in the red:
The Avz Minerals Ltd (ASX: AVZ) share price has fallen over 6% to 22 cents. The lithium-focused mineral exploration company's shares have been especially volatile of late since it emerged that a paid advisor leaked potentially market sensitive images over social media. Rather than take any disciplinary action, AVZ Minerals has asked the advisor to "refrain from disclosing any potentially market sensitive information" on social media in the future.
The Evolution Mining Ltd (ASX: EVN) share price has fallen 6.5% to $3.14 after the AFR reported that one of the gold miner's major shareholders is selling down its stake. JP Morgan and Citi are believed to have been seeking bids for 84.6 million shares on Thursday on behalf of La Mancha Resources. The report indicates that the brokers were acting with a floor price of $3.19, valuing the stake at a minimum of $270 million. I think this could be a good time to consider selling shares yourself.
The G8 Education Ltd (ASX: GEM) share price has plunged 8.5% to $2.28 after the childcare operator held its annual general meeting. Management has warned that supply growth continues to outpace demand growth in the childcare industry. Because of this, the company has seen like-for-like occupancy decline 2.5% to 3% on the prior corresponding period. Management also admitted that it will fail to achieve its earnings per share goal of 40 cents by the end of FY 2019. I would suggest investors avoid G8 Education.
The Western Areas Ltd (ASX: WSA) share price is down 4% to $3.70 despite there being no news out of the nickel miner. Some investors appear to be taking profit after Western Areas' shares rocketed higher along with the nickel price on Thursday. Speculation that U.S. sanctions could be extended across to Russian nickel producer Norilsk Nickel were largely behind the sudden rise.
