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Why these 4 ASX shares have dropped lower today

Credit: Blackmores

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it three days of declines in a row. In afternoon trade the index is down by almost 0.2% to 5,657 points.

Four shares which have acted as a drag on the market are listed below. Here’s why they have dropped lower:

The Blackmores Limited (ASX: BKL) share price has fallen 3.5% to $89.30 despite there being no news out of the health supplements company. This latest decline brings its one-month decline to almost 20%. Furthermore, at one stage today its shares made a new 52-week low of $88.18.

The Creso Pharma Ltd (ASX: CPH) share price has fallen 4% to 47.5 cents. Today’s decline appears to be a spot of profit taking following a huge rally in pot stocks on Monday. Despite this blip, Creso’s share price is still up over 100% year-to-date. The company aims to develop medicinal cannabis products for both the human and animal health markets.

The Sky Network Television Ltd (ASX: SKT) share price has dropped 4.5% to $3.17. Although Sky and Vodafone New Zealand have appealed the New Zealand Commerce Commission’s decision not to clear the two companies’ proposed merger, it appears as though some investors aren’t optimistic that the appeal will be successful.

The Wesfarmers Ltd (ASX: WES) share price has fallen 3% to $40.15 following the release of its Strategy Briefing Day presentation. The market doesn’t appear to have responded well to news relating to its Coles supermarket business. According to the AFR, management revealed to analysts today that it has tripled its investment into prices and service in an attempt to win back market share.

While Wesfarmers could be a good option for income investors after today's decline, I prefer the huge dividend on offer from this dividend star.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers Limited. 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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