The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday's heavy decline and in afternoon trade is higher by 0.3% to 5,782 points.
Four shares which haven't been able to follow the market higher today are listed below. Here's why they are ending the week in the red:
The Mineral Resources Limited (ASX: MIN) share price is down 5% to $10.20. After an incredible rally at the start of the week, the miner and mining services company has now given back almost all of its gains. On Tuesday Deutsche Bank slapped a buy rating and $12.00 price target on its shares.
The OceanaGold Corporation (ASX: OGC) share price is down 3.5% to $4.22. A number of gold miners have dropped lower today after gold prices dropped again. The spot gold price is currently fetching US$1,253 an ounce, down around 3% since last week. With U.S. rates rising at a reasonable pace, I expect the gold price could come under further pressure over the next few months.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has plunged a massive 50% to 32 cents after the company announced results from its Phase 2A hay fever trial. As you might have guessed, the results were not positive. According to the release, the primary endpoint of its trial was not met. Although it may look cheap now after such a sharp fall, its shares may still be overvalued.
The Reliance Worldwide Corporation Aus P Ltd (ASX: RWC) share price has fallen 4% to $3.48. The global provider of water control systems and plumbing solutions was the subject of an unfavourable research note out of Deutsche Bank this morning. Its analysts have concerns over the outlook for housing starts in Australia, as a result they downgraded its shares to a sell rating with a $3.06 price target. I'd agree with Deutsche on this one. It's a great company, but its shares are very expensive.
