In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down 0.6% to 5,840 points thanks largely to declines in the energy sector.
Four shares which have made notable declines today are listed below. Here's why they have tumbled lower:
The Auscann Group Holdings Ltd (ASX: AC8) share price has fallen 9% to 72.5 cents despite there being no news out of the pot stock. With its shares rallying strongly in the last month it would appear as though some investors have decided to take profit now.
The ASX Ltd (ASX: ASX) share price has tumbled 3% to $48.76 a day after the release of its monthly activity report. Although the update revealed a 14% increase in total trades year-to-date, there has been a 10% drop in the average value per trade to $4,685. Despite this I think ASX represents a solid buy and hold investment option for investors.
The Bellamy's Australia Ltd (ASX: BAL) share price has dropped 3.5% to $4.46. Much like AusCann, I suspect investors may be taking profit after the infant formula company's shares rallied strongly in the last five trading sessions. Prior to today Bellamy's shares had jumped around 13% since Friday despite there being no positive news out of the company.
The Harvey Norman Holdings Limited (ASX: HVN) share price is down 3% to $4.36 today. Although the retailer's shares have fallen heavily so far in 2017, today's decline has nothing to do with its performance. Today's decline is the result of Harvey Norman's shares going ex-dividend.
