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Why these 4 ASX shares tumbled today

Credit: Domiriel

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) rose again today, putting on a gain of 0.5% to climb to 5,216 points.

But it wasn’t a good day on the market for all shares, with a number of them making notable declines.

Blackmores Limited (ASX: BKL) shareholders saw its share price decline again today with a drop of nearly 4% to $160.01. Its share price actually opened higher, but changed direction shortly after it was announced that China’s Mengniu Dairy company had agreed to buy Victoria’s Burra Foods for $300 million. It is possible investors are worried that Mengniu Dairy could be about to steal market share away from Blackmores in the lucrative Chinese infant formula market.

Blackmores shares are down almost 27% so far in 2016.

James Hardie Industries plc (ASX: JHX) shares dropped almost 6% today to $18.45, following disappointing data out of the United States overnight. U.S. building permits and housing starts came in below expectations indicating a possible slowdown in construction. As approximately 75% of James Hardie’s revenue derives from the U.S. market, any slowdown in the country will negatively impact the company’s overall results.

Despite the drop today, James Hardie’s share price has risen just over 5% this year.

Mantra Group Ltd (ASX: MTR) has dropped by just under 4% to $4.10 today. I would imagine that this is related to yesterday’s news that Qantas Airways Limited (ASX: QAN) reported softening demand domestically due to the upcoming election and lower consumer confidence. Although its shares held firm yesterday, today has been very different story with investors no doubt concerned that demand for its accommodation may be softening too.

Mantra Group’s shares have posted a terrible year so far losing 19% in total.

Woodside Petroleum Limited (ASX: WPL) shares were climbing higher in early trade, but ended up reversing this to finish close to 2% lower for the day at $26.40. The company released its quarterly report today and shareholders were clearly not overly impressed. There was a decent increase in production, but revenues slumped by 30% due to lower average realised prices.

Woodside Petroleum’s share price is now down 8% for the year.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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