In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and is on course to finish the week on a disappointing note. At the time of writing the ASX 200 is down 0.5% to 5,476.7 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 Galaxy Resources Limited (ASX: GXY) share price is down 4.5% to $2.10. This is the second day in a row of heavy declines for the lithium miner and has been caused by a disappointing update out of rival Orocobre Limited (ASX: ORE) on Thursday. Orocobre's update revealed that it has experienced a sudden and severe decline in the price of its lithium carbonate. The company averaged a price of US$10,800 per tonne for its lithium carbonate during the quarter, down 15% from the previous quarter.
The Suncorp Group Ltd (ASX: SUN) share price has dropped 3.5% to $12.45 after Sydney was hit with a severe storm on Thursday. Rival Insurance Australia Group Ltd (ASX: IAG) has also seen its share price tumble lower after the insurance giant advised that it estimates the pre-tax cost of the Sydney storms will be $169 million.
The Vocus Group Ltd (ASX: VOC) share price has fallen almost 8% to $3.07 despite there being no news out of the telco company. But with its shares charging significantly higher over the last six months, I wouldn't be surprised if investors are taking a bit of profit off the table today.
The WiseTech Global Ltd ASX: WTC) share price is down 4.5% to $16.40 after it revealed that one of its directors has sold a large parcel of shares. According to a change of director's interests notice, independent non-executive director Charles Gibbon offloaded 100,000 shares at an average price of approximately $18.36 per share last week.
