It has been another disappointing day for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade the index is down 0.2% to 5,698 points.
Four shares which have fallen more than most today are listed below. Here’s why they have sunk lower:
The Cann Group Ltd (ASX: CAN) share price has fallen 4.5% to 53.5 cents despite the medicinal cannabis company announcing that it has secured a cultivation permit and two research permits from the Office of Drug Control. These permits will allow the company to both undertake its research program with CSIRO to develop unique cannabis extracts and supply plant material for manufacturing into medicinal cannabis products for patient use.
The Domino’s Pizza Enterprises Ltd. (ASX: DMP) share price has come under pressure for a second day in a row and is down 2.5% to $57.71. The pizza chain operator’s shares came under fire this week after Morgans downgraded its shares to a hold rating with a $65.62 price target. The cheaper it gets the more appealing an investment option it becomes, in my opinion.
The NIB Holdings Limited (ASX: NHF) share price has tumbled 5.5% to $5.09. This decline comes after it emerged that the ACCC had initiated proceedings against it in the Federal Court in relation to the level of communications to customers regarding changes made to its MediGap Scheme in August 2015. NIB advised that it rejects the position being taken by the ACCC and believes it has acted lawfully and ethically.
The Pacific Smiles Group Ltd (ASX: PSQ) share price has plunged 11% to $1.83 following the release of a disappointing trading update. Due to weak trading across all its dental centres, same centre patient fee growth is expected to be 3% this year. Previous guidance had been for 5% annual growth. Even after today’s decline I feel Pacific Smiles Group’s shares are a little on the expensive side.
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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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