Why these 4 ASX shares are getting hammered today

The local share market is soaring higher today, possibly due to a fall in momentum by parties campaigning for Britain to leave the European Union at this week’s referendum vote. While the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has risen 1.1%, these four ASX shares are down in the doldrums.

Newcrest Mining Limited (ASX: NCM) is the country’s biggest gold miner and thus, benefits when the price of gold is rising. However, the gold price typically falls when the market becomes less anxious, which may have happened due to a reduction in the perceived odds of Brexit going ahead. Newcrest is one of the worst performing shares on the ASX 200 today as a result, with its shares falling 3.4%.

Metcash Limited (ASX: MTS) shares have also fallen 2.8% to $2.06 after it released its full-year financial report. Although the company said it plans to recommence its half-year dividend payments in the near future, investors may have been underwhelmed by the group’s reported earnings before interest and tax (EBIT) which fell 7.4%. This reflects the planned investment in lower prices to make its stores more competitive.

Blackmores Limited (ASX: BKL) shares continued to decline today, shedding another 1.7%. They’re now fetching a little over $135 after climbing as high as $220.90 in December. Although the group is still growing strongly, investors may be concerned by reports regarding its recent venture into the infant formula market, which reportedly hasn’t been too strong to this point.

Webjet Limited (ASX: WEB) shares have fallen 3.8%, but did fall as much as 5.9% earlier to a low of $6.50. The online travel business has been on a tear over the last 12 months, with its shares more than doubling in price and the business performing strongly as well. Although its shares have fallen today, a number of analysts think its shares are worth a lot more. Bell Potter has a $7.84 price target, according to Dow Jones Newswires, while Morgans has a slightly lower target price of $7.40.

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Motley Fool contributor Ryan Newman 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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