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Why these 4 ASX shares are falling today

Credit: Mark Herpel

The local share market is well on track to deliver its seventh consecutive week of gains with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) rising another 0.5% today. Unfortunately, these four shares in particular don’t look like ending the week on a positive note…

Cover-More Group Ltd (ASX: CVO) shares have lost 3% today to trade at $1.45. The fall could be related to the recent issues experienced by Flight Centre Travel Group Ltd (ASX: FLT), which recently made its third profit downgrade in just 18 months citing temporary factors such as Brexit fears and the upcoming Australian election. Lower travel costs are obviously a bad thing for travel insurers as well.

Programmed Maintenance Services Limited (ASX: PRG) shares have soared higher in the last few days as a result of a strong underlying net profit result, so it’s perhaps no surprise to see the shares lose some steam today. They’re down 3.2% at the time of writing.

EVOLUTION FPO (ASX: EVN) has been one of the market’s best performing stocks this year as a result of the soaring gold price. However, the precious metal has lost some of its shine in recent weeks upon heightened expectations of a potentially imminent hike in interest rates in the United States. Evolution’s shares are down 2.8% today, but still might end the week higher.

Myer Holdings Limited (ASX: MYR) are the worst-performing shares from the ASX 200 cohort today, shedding 3.8% thus far to trade at $1.10. The shares recently experienced a strong lift as a result of a decent lift in same-store-sales, but have come off the boil again with investors realising that the company is still facing strong headwinds. Indeed, the department store model is under threat, particularly with the rise of internet sensations such as Amazon.com.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Amazon.com. Motley Fool contributor Ryan Newman owns shares of Amazon.com. 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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