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Why these 4 ASX shares are ending the week in the red

disappointed, angry

At long last the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is having an especially positive day. In afternoon trade the benchmark index is up 0.8% to 5,697 points.

Unfortunately not all shares have followed the market higher today. Here’s why these four shares are ending the week in the red:

The AuMake International Limited (ASX: AU8) share price has not been able to follow up on yesterday’s 194% gain and is down 13% to 20.5 cents in afternoon trade. AuMake is a retail company which connects Australian suppliers directly with daigou and Chinese tourists. While it could be one to watch, I would hold off an investment for the time being.

The Cann Group Ltd (ASX: CAN) share price has fallen over 3% to $1.33 despite there being no news out of the medicinal cannabis company. Today’s decline is likely to be a spot of profit taking in my opinion. In the last three months Cann’s shares have risen over 117% thanks to a series of positive announcements.

The Lifehealthcare Group Ltd (ASX: LHC) share price is down almost 4% to $2.23. Today’s decline is likely to be attributable to a research note out of UBS. According to the note, the broker has downgraded the healthcare company to a neutral rating and reduced the price target on its shares to $2.30. The downgrade was made based on its belief that discounts to prosthesis list prices could impact its business in the future.

The Yowie Group Ltd (ASX: YOW) share price has fallen 8% to 23 cents. I suspect this decline could be due to profit taking as well. After all, even after taking into account today’s sizeable drop, the confectionery company’s shares have rallied over 21% since this time last month despite there being no news out of it.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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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