Why these 4 ASX shares have dropped lower today

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.

Did your portfolio take a hit today? Don't worry, this fast-growing dividend share could be just what it needs to take it to the next level.

OUR #1 dividend pick to grow your wealth over the new financial year is revealed for FREE here!

Financial year 2018 is here and The Motley Fool's dividend detective Andrew Page has revealed his must buy dividend share to grow your wealth in 2018.

You probably don't know this market leader, but it's making waves in Asia and already boasts a term-deposit-crushing dividend above 4%. A debt free balance sheet and dominant market position at home and abroad mean this company offers investors income and some real-deal growth potential...

Simply click here to grab your FREE copy of this up-to-the-minute research report on this rising star right now.

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.