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.
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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.