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Why these 4 ASX shares have dropped lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it a second day of strong gains in a row. In afternoon trade the benchmark index is up 1% to 5,830 points.

Unfortunately not all shares have climbed higher. Four shares in particular have made notable declines today. Here’s why:

The Catapult Group International Ltd (ASX: CAT) share price has dropped 4% to $1.84. With no news out of the sports analytics company, I suspect today’s gain could be related to a spot of profit taking. After all, prior to today its shares were up over 19% in just three trading days.

The Grange Resources Limited (ASX: GRR) share price has tumbled 2% to 13.7 cents. Further weakening of iron ore prices appears to be behind the decline in the shares of this iron ore mining and pellet production company. Its shares are now down a disappointing 28% in the last three months.

The Karoon Gas Australia Limited (ASX: KAR) share price has fallen almost 3% to $1.37. Whilst there has been no news out of the oil and gas company, I believe the negative sentiment around oil prices could be weighing on its shares. According to CNBC, consulting group FGE believes that oil prices could fall as low as US$30 a barrel if OPEC fails to make additional cuts to production.

The Orocobre Limited (ASX: ORE) share price has dropped 3% to $3.69 despite there being no news out of the lithium miner. Orecobre is just one of a number of shares with exposure to lithium which have tumbled today. Whilst the industry is undoubtedly a volatile one, I believe lithium miners could provide strong long-term gains due to the insatiable demand for the metal.

But if the lithium miners are too volatile for your liking then these growth shares could be better options for your portfolio.

I'm tipping each of them to smash the market this year and next.

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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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