Why these 4 ASX shares are ending the week in the red

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down a disappointing 1.5% to 5,728 points.

Four shares which have fallen more than most are listed below. Here’s why they are ending the week in the red:

The BT Investment Management Ltd (ASX: BTT) share price is down 6.5% to $11.53 following the release of a broker note from UBS. According to the note, its analysts have downgraded the investment company to a sell rating due to concerns that its performance fees may not live up to the market’s expectations. Whilst I like the company, I would agree with UBS that BTIM is best avoided at present.

The Independence Group NL (ASX: IGO) share price has tumbled 4% to $3.13 despite there being no news out of the gold miner. This latest decline means its shares have now lost over 27% of their value since the turn of the year. Production delays have largely been the catalyst for this decline and rising levels of short interest.

The MMJ Phytotech Ltd (ASX: MMJ) share price has fallen 3% to 33 cents. This decline means that the medicinal cannabis company’s shares have given back all of yesterday’s gains. On Thursday the pot stock rallied after it announced that its Harvest One business in Canada had received the renewal of its Access to Cannabis for Medical Purposes Regulations cultivation license.

The Myer Holdings Ltd (ASX: MYR) share price is down almost 3% to 83.5 cents today. As well as the broad market sell-off, selling of Myer’s shares is likely to have increased following a negative broker note. UBS downgraded the retailer to a sell rating with a 75 cents price target due to concerns over increased competition. With Amazon expected to launch in Australia this year, Myer is a company I would avoid.

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The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Amazon. 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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