Here’s why these 4 ASX shares took a tumble today

It’s been a great start to the week for the markets with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) starting strongly, climbing 0.5% to 5,355 points so far today.

Unfortunately the same cannot be said for a few shares which have made a largely forgettable start to the week. Here are four that have disappointed and why:

Blackmores Limited (ASX: BKL) shares have declined by almost 6% to $170.90 today despite no news being released to market. Because the share price has risen by over 20% in the last three weeks, I suspect there could be some profit taking going on by opportunistic investors which bought in on the cheap.

Blackmores has produced a whopping 155% return in the last 12 months.

BlueScope Steel Limited’s (ASX: BSL) share price has tumbled by around 3% to $5.45 so far today. The shares have been facing significant declines since an explosion occurred at the company’s North Star plant in Ohio, United States. BlueScope Steel’s management team has estimated that the explosion has cost the company $6.8 million in damages and lost production. Furthermore, China’s steel production just keeps growing and growing. This oversupply is not good news for the global steel industry and companies like BlueScope Steel.

BlueScope Steel’s share price has now declined by around 18% in the last 30 days.

Corporate Travel Management Ltd (ASX: CTD) has started the week with a 3% decline to $14.80. No news was released to the market today, but similar declines can be seen in industry rivals Webjet Limited (ASX: WEB) and Flight Centre Travel Group Ltd (ASX: FLT). The rapid rise in oil prices could have some investors worried that the days of cheap air travel could be coming to an end, putting pressure on travel bookings.

Corporate Travel Management’s share price is still up by almost 26% in the last 12 months.

Elders Ltd’s (ASX: ELD) share price got thumped today, dropping 7% to $3.58. This drop came despite the agribusiness reporting a 55% increase in its half-year profit. Elders reported half-year net profit of $24.6 million, compared to $15.9 million a year earlier. Despite the overall profit there was disappointment that the company’s live exports segment was operating at a loss. Management didn’t paint a very positive outlook ahead either by calling it “mixed”. Things are definitely looking a great deal better for Elders than three years ago, but there’s still a bit of work to do before I would consider it a good investment.

Elders shares are down 22% so far in 2016.

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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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