Why these 4 ASX shares have started the week in the red

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is reasonably flat at 5,723 points.

Four shares which haven’t been able to keep up with the market and have sunk lower are listed below. Here’s why they have started the week in the red:

The Aveo Group (ASX: AOG) share price has tumbled 4.5% to $2.65. The retirement accommodation provider’s shares fell heavily last week following a joint investigation into its practices by the ABC and Fairfax Media. Today’s decline comes despite the release of a research note out of Morgan Stanley which gave it an overweight rating with a massive $4.20 price target. I feel Aveo could be worth a look after today’s fall.

The Fairfax Media Limited (ASX: FXJ) share price has fallen 10% to 98.5 cents after the media company announced that takeover talks had ended. Moving forward Fairfax still plans to separate its Domain business through a demerger. This demerger would see Fairfax retain ownership of between 60% and 70% of the real estate company.

The OceanaGold Corporation (ASX: OGC) share price has dropped 4.5% to $3.89 after MOD Resources Ltd (ASX: MOD) announced plans to divest its Sams Creek Gold Project. OceanaGold has an interest in the project and it appears as though shareholders are disappointed at the $3.8 million price tag. Here’s why I would avoid the gold miners at this point.

The Orecorp Ltd (ASX: ORR) share price fell a whopping 26% to 28 cents before the gold miner’s shares were placed into a trading halt. Orecorp requested the halt due to proposed legislative changes in Tanzania. Early indications reveal that the proposed changes may potentially have an adverse effect on the company’s Nyanzaga Project. In light of this, I believe Orecorp is best avoided at this point in time.

Did these declines hurt your portfolio? Don't worry, these growth shares could be next in line to jump higher in my opinion.

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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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