More Sites

3 ASX stocks that were hammered today

Reported by Mike King, The Motley Fool.
Tuesday, February 5, 2013
Topics in this article:
Asx,Cochlear,Coalspur Mines Limited,Gryphon Minerals Limited
Coolest smartwatchesTech giants and smaller players have jumped on the smartwatch bandwagon.

The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has closed in the red for the second consecutive day, falling 0.5% to 4,882.7. Overnight, the Dow Jones Industrial Average dropped 0.9%, while the S&P 500 lost 1.2%, as concerns over Europe re-emerged.

The Australian dollar is steady against the US dollar, currently buying around 104 US cents, after the Reserve Bank of Australia left the official cash rate on hold at 3%.

These three stocks were among the worst performers in the ASX 200, falling 5.9% or more.

Cochlear Limited (ASX: COH) fell 9.3% to close at $72.96 after failing to beat analyst expectations. The company reported a net profit of $78 million, just shy of the expected $80 million. That may set the tone for this reporting season, with any company failing to meet or beat market expectations being harshly punished.

Coalspur Mines Limited (ASX: CPL) lost 8.3% to finish at 78 cents. Coalspur’s flagship project is the Vista Coal project, and has the potential to be the largest export thermal coal mine in Canada. Sliding coal prices may be the main reason for the fall, with the company’s share price dropping by more than 50% in the last ten months.

Gryphon Minerals Limited (ASX: GRY) fell 5.9%, ending at 48 cents. The company released its much-anticipated bankable feasibility study for its Banfora gold project in Burkina Faso last week, but the study shows the company will need more than $200 million to develop Banfora. With the gold price sliding recently, the market has cooled on new projects in Africa, especially for junior miners requiring a big chunk of capital to become operational.

In the market for high yielding ASX shares? Get “3 Rock-Solid Dividend Stocks” in our special FREE report. Click here now to find out the names, stock symbols, and full research for our three favourite income ideas, all completely free!

More reading

The Motley Fool’s purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead.  This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. Motley Fool writer/analyst Mike King owns shares in Cochlear.

23/09/2014 18:19Sydney, Australia. 23 September,2014
advertisement