In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to record another disappointing decline. At the time of writing the index is down 0.35% to 6,182.7 points.
Four shares that have fallen more than most today are listed below. Here's why they have sunk lower:
The BINGO Industries Ltd (ASX: BIN) share price has fallen 5% to $1.53 despite there being no news out of the waste management company. However, prior to today the BINGO share price had risen almost 38% in the space of three weeks. This could mean that some investors are taking profit after the strong share price rally.
The InvoCare Limited (ASX: IVC) share price is back from its trading halt and down almost 3.5% to $13.88. The funeral company's shares went into a trading halt last week whilst it raised $85 million through a capital raising. According to today's release, the institutional placement was well supported and raised approximately $65 million at a price of $14.00 per share. This was a 2.4% discount to the last close price. A further $20 million will now be raised via a share purchase plan.
The Kogan.com Ltd (ASX: KGN) share price has fallen 4.5% to $3.82 despite there being no news out of the ecommerce company. This latest decline means that the Kogan share price has now lost 58% of its value since this time last year. The sudden slowdown in its sales growth appears to have spooked investors.
The Syrah Resources Ltd (ASX: SYR) share price has continued its decline and is down a further 5% to $1.10. This decline means the graphite miner's shares are down 67% over the last 12 months and trading at a multi-year low. Syrah's shares have come under pressure since its last update revealed higher than expected operating costs and lower than expected prices for its graphite.
