Why these 4 ASX shares have started the week deep in the red

It hasn’t been the best of starts to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). Although it is off its lows now, in afternoon trade the benchmark index is still down by around 0.2% to 5,765 points.

Four shares in particular have acted as a drag on the market today. Here’s why:

The Auscann Group Holdings Ltd (ASX: AC8) share price has tumbled around 6% to 66 cents today despite there being no news out of the “pot stock”. But with its shares up 220% since listing on the ASX in January, I suspect today’s decline is likely to be the result of profit taking from some investors.

The BWP Trust (ASX: BWP) share price has dropped 3% to $2.74 after a research note out of UBS revealed that its analysts have slapped a sell rating on the real estate investment trust’s shares. According to the note the investment bank’s analysts have downgraded its shares on valuation grounds, believing there are better options out there for investors.

The Impedimed Limited (ASX: IPD) share price has fallen 6% to 71 cents. Like AusCann, today’s decline may be a result of profit taking. The medical device company’s shares rallied strongly last week after announcing that its first SOZO device had been placed with Scripps Health in the United States. Management is targeting the chronic heart failure market which impacts an estimated 5.7 million people in the country.

The Lifehealthcare Group Ltd (ASX: LHC) share price has dropped 5% to $2.12 today. Whilst its removal from the All Ordinaries could be a factor in today’s decline, the fact its shares went ex-dividend this morning is also likely to be contributing to the significant drop in its share price.

If your portfolio took a hit today then give it a lift with these hot growth shares. I think all three will smash the market this year, which could make it is an opportune time to snap them up.

Top 3 ASX Blue Chips To Buy In 2017

For many, blue chip stocks means stability, profitability and regular dividends, often full franked..

But knowing which blue chips to buy, and when, can often be fraught with danger.

The Motley Fool's in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool's Top 3 Blue Chip Stocks for 2017."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

If you're expecting to see the likes of Commonwealth Bank, Telstra and Wesfarmers shares on this list, you'll be sorely disappointed. Not only are their dividends growing at a snail's pace, their profits are under pressure too due to the increasing competitive environment.

The contrast to these "new breed" blue chips couldn't be greater... especially the very real prospect of significant share price gains, something that's looking less likely from the usual blue chip suspects.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand - and how quickly the share prices of these companies moves - we may be forced to remove this report.

Click here to claim your free report.

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.