Why these 4 ASX shares dropped lower today

The Telstra Corporation Ltd (ASX:TLS) share price is one of four sinking lower today. Here's why…

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In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is just about keeping its head above water and is up slightly to 5,672 points.

Four shares which are acting as a drag on the market today are listed below. Here's why they have dropped lower:

The Auscann Group Holdings Ltd (ASX: AC8) share price is down 3.5% to 53 cents despite there being no news out of the medicinal cannabis company. But with its shares up almost 30% in the last 30 days, I feel today's decline is likely to be the result of profit taking from day traders.

The Boral Limited (ASX: BLD) share price is down almost 4% to $6.58 despite the building materials company posting a 16% increase in net profit after tax to $297 million. Investors may be concerned by the significant increase in net debt to $2.3 billion from $893 million in FY 2016.

The Ramsay Health Care Limited (ASX: RHC) share price has tumbled almost 5% to $68.40 following the release of its full-year results. Although core net profit after tax grew 13% to $543 million, it appears as though the market was expecting a stronger result. I think that the recent share price weakness is a buying opportunity.

The Telstra Corporation Ltd (ASX: TLS) share price has fallen 6.5% to $3.59. Whilst the majority of today's decline is attributable to its shares going ex-dividend, news that the NBN has objected to its plan to monetise a portion of its locked-in recurring NBN receipts appears to have also weighed on its shares.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Telstra 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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