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Why these 4 ASX shares have fallen into the red today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) remains in positive territory and is up 0.2% to 5,757 points.

Four shares which haven’t been able to follow the market higher today are listed below. Here’s why they are lower:

The Aveo Group (ASX: AOG) share price is down 3% to $2.46 after Maurice Blackburn advised that it is looking into running a no-win no-fee class action for former residents. Earlier this year Aveo was accused of exploiting residents and gouging them on prices. Investors might want to avoid Aveo for the time being.

The Galaxy Resources Limited (ASX: GXY) share price is down 3% to $2.57. Today’s decline is likely to be attributable to profit taking. The lithium miners have rallied incredibly strongly this week after China revealed that it is considering a ban of petrol and diesel engine vehicles in the future.

The Graincorp Ltd (ASX: GNC) share price has fallen 5% to $8.11 after the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) released its latest crop update. Due to unfavourable conditions in key cropping regions, the ABARES has downgraded its winter production forecast by 9%. This will mean a decrease of 39% on the prior corresponding period. I would stay clear of Graincorp because of this and the strong Australian dollar.

The iSelect Ltd (ASX: ISU) share price has continued its poor run and sunk a further 3% to a 52-week low of $1.56. This latest decline means the price comparison company has seen its shares plunged over 28% since its full-year results release last month. I think it could be worth a closer look at the current share price.

Just like this hot tech share which has a massive global opportunity in front of it.

Why Elon Musk's "secret weapon" was the most shorted share in Australia...

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. 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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