In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its early gains but remains higher by almost 0.2% to 5,674 points.
Four shares which haven't been able to follow the market higher today are listed below. Here's why they have dropped lower:
The Auscann Group Holdings Ltd (ASX: AC8) share price has fallen 3% to 45.5 despite there being no news out of the medicinal cannabis company. This latest decline means that AusCann's shares have lost 19% of their value since this time last month.
The Fortescue Metals Group Limited (ASX: FMG) share price is down 2.5% to $5.06 after the iron ore price rebound proved to be short and sweet. According to Metal Bulletin, the benchmark 62% fines fell 1.2% to US$64.15 a tonne overnight.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has fallen 4% to $1.30. The majority of Australia's gold miners have sunk lower today after the spot gold price continued to decline. At the time of writing the spot gold price is fetching US$1,281 an ounce, its lowest level in over a month. I expect it could continue its decline over the next 12 months as U.S. rates rise, so now might be a good time to move away from the industry.
The Shaver Shop Group Ltd (ASX: SSG) share price has plunged 32% to 42.5 cents after the specialty retailer provided a trading update. According to the release, management expects FY 2018 EBITDA to be in the range of $13 million to $15 million, compared to the $14.9 million it delivered in FY 2017. This has been blamed on supply issues for key products sold through its daigou reseller channel. I think this is one retailer that investors ought to avoid.
