The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is having another disappointing day and finds itself down 0.2% to 5,728 points in afternoon trade.
Four shares which have acted as a drag on the market today are listed below. Here’s why they are ending the week deep in the red:
The Auscann Group Holdings Ltd (ASX: AC8) share price has given back its early gains and tumbled 2.5% to 56.7 cents. The fledgling medicinal cannabis company’s shares had been in a trading halt since Wednesday as it conducted a capital raising. According to today’s release the company successfully raised $12 million at 50 cents per share.
The GUD Holdings Limited (ASX: GUD) share price has tumbled 4% to $11.83. Today’s decline appears to relate to a research note out of UBS which revealed that it has downgraded the retailer to a sell rating with an $11.30 price target. Its analysts appear to believe that GUD is overvalued now after rallying strongly this year. I would have to agree with UBS on this one.
The Impedimed Limited (ASX: IPD) share price has fallen 8% to 69 cents. Yesterday the medical technology company’s shares rallied over 30% following the release of positive trial results from its L-Dex study. I expect today’s decline is likely to be attributable to a spot of profit taking.
The Northern Star Resources Ltd (ASX: NST) share price has plunged 4.5% to $4.42 after the gold price gave back recent gains. At present the spot gold price is fetching US$1,248, down around 1.3% from yesterday’s peak. As you might expect, the majority of Australia’s leading gold miners have sunk lower today on the news.
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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.