The S&P / ASX200 (ASX: XJO) has picked up steam this afternoon to be 0.6% higher after a strong night on Wall Street with the tech-heavy NASDAQ index closing more than 2% higher. On the local market though there are a few businesses heading in the wrong direction for differing reasons, so let's take a look at what might be behind some of today's bigger share price fallers.
The Newcrest Mining Limited (ASX: FMG) share price is 1.7% lower at $20.96 despite the gold miner releasing no specific news to the market. Newcrest has a market value greater than $16 billion and posted an underlying profit of $459 million on free cash flow of $601 million for the financial year ending June 30, 2018. It achieved an average price of A$1,219 per ounce of gold for the quarter ending September 30, 2018. Therefore if the gold price falls due to improved investor sentiment over the global outlook, Newcrest's share price could come under more pressure.
The Coles Group Limited (ASX: COL) share price is down 2% to $12.86 today despite the supermarkets business releasing no specific news to the market. Coles has been the subject of a reasonably wide range of different professional analysts' verdicts since listing over a week ago. According to the Fairfax Media, UBS has come up with a $11.90 price target on the business citing soft sales growth and "cost pressures" as among the reasons for its soft assessment. This verdict could be dragging Coles shares down today.
The IPH Limited (ASX: IPH) share price is down 1.3% to $5.33 after the holding firm behind intellectual property lawyers Spruson & Ferguson revealed it had a a $1.80 per share cash and scrip bid for rival IP firm QANTM Intellectual Property Ltd (ASX: QIM) knocked back on the basis it undervalued the group. While IPH shares are lower QANTM shares are up 8% to $1.42 on the news.
The Syrah Resources Ltd (ASX: SYR) share price is down 7% to $1.57 today despite the Mozambique and Australia-based graphite miner revealing no news to the market. Recently commodity prices have been under some pressure including iron ore, copper, aluminium and oil. As such investors may be concerned that falling graphite prices will hurt Syrah.
