Why these 4 ASX shares have dropped lower today

The Doray Minerals Limited (ASX:DRM) share price is one of four shares sinking lower today. Here’s why…

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The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from early declines and in afternoon trade is up slightly to 5,764 points.

Four shares which have acted as a drag on the market today are listed below. Here’s why they have fallen:

The AWE Limited (ASX: AWE) share price has tumbled almost 4% to 46.2 cents after the energy company advised that ASIC has concerns over a proposal made by Dawney & Co. Ltd. Dawney is proposing that AWE shareholders grant it a call option, pursuant to which the holder of the option would have the right, but not the obligation, to acquire their shares for 56 cents per share.

The Doray Minerals Limited (ASX: DRM) share price has plunged 26% to 22.5 cents after the gold miner announced that its Andy Well operation would be suspended indefinitely from November 1 2017. In FY 2017 the mine is expected to provide a quarter of its total gold production, so its loss will be a big blow moving forward.

The Flight Centre Travel Group Ltd (ASX: FLT) share price is down 2% to $43.16 following a broker downgrade by Citi. This morning the investment bank slapped a sell rating on the travel agent’s shares on valuation grounds. Elsewhere, Credit Suisse has also dropped its recommendation on the stock to an underperform rating.

The Retail Food Group Limited (ASX: RFG) share price has fallen 3.5% to $4.58 despite there being no news out of the master franchisor of brands including Gloria Jean’s and Donut King. This latest decline means its shares have now lost 34% of their value since the turn of the year. I feel at the current share price the company could be worth a closer look.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Flight Centre Travel Group Limited and Retail Food Group Limited. 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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