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Why these 5 ASX shares have sunk like stones today

Although it started strongly, a surprise increase in Australian unemployment was enough to send the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) lower in afternoon trade. At present the index is 0.1% lower to 5,767 points.

Four shares which have acted as a drag on the market are listed below:

The Ainsworth Game Technology Limited (ASX: AGI) share price has fallen 4% to $1.82 today despite there being no news out of the gaming machine developer. Today’s decline means its shares have fallen almost 14% year-to-date. A reasonably disappointing 4.3% drop in half-year profit in February appears to be the reason behind the sell-off.

The Eclipx Group Ltd (ASX: ECX) share price has dropped 4% to $3.86 today. Once again there was no news out of the company to explain today’s move. But with its shares up 36% in the last 12 months and changing hands at 20x trailing earnings, I wouldn’t be surprised if there was a touch of profit taking going on today.

The Estia Health Ltd (ASX: EHE) share price has tumbled 3.5% to $2.99. Although Estia Health delivered a strong first-half result, I’m reasonably sceptical that the company will deliver on its full-year guidance. For this reason I would suggest investors lock in their year-to-date return of around 15%. Rival aged care operator Regis Healthcare Ltd (ASX: REG) has also fallen by a similar amount today.

The Myer Holdings Ltd (ASX: MYR) share price is down 4.5% to $1.09 following the release of a mixed first-half result. Although half-year sales were down a touch following a weak second quarter, half-year profit rose 5.3% to $62.8 million. One bright spot was the performance of its online segment. Online sales rose 48% during the half.

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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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