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Why these 4 ASX shares sank lower today

Down chart

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its early gains but still sits higher by a solid 0.5% at 5,770 points.

Unfortunately not all shares have been able to follow the market higher today. Here’s why these four have sunk lower:

The Automotive Holdings Group Ltd (ASX: AHG) share price is down 3% to $3.26 despite there being no news out of the auto retailer. This latest decline means that Automotive Holdings’ shares have now extended their year-to-date decline to almost 18%.

The Baby Bunting Group Ltd (ASX: BBN) share price has tumbled 7.5% to $1.66 following the release of a business update. According to the update provided at the Morgans Queensland conference, management has reaffirmed its full-year EBITDA guidance of between $25.3 million and $27 million, representing growth of between 10% and 17%. Investors appear to have been anticipating a guidance upgrade.

The Cann Group Ltd (ASX: CAN) share price has fallen 7.5% to $1.24. With no news out of the medicinal cannabis company today, it appears as though today’s decline could be attributable to profit-taking. After all, even after factoring in this decline, Cann’s shares are up 125% in just the last three months.

The Sims Metal Management Ltd (ASX: SGM) share price is down 2% to $13.32. Today’s decline is a bit of a mystery, especially given that the metals and electronics recycler’s shares were upgraded to an outperform rating by Macquarie this morning. Macquarie has a $15.40 price target on Sims Metal Management’s shares.

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Returns as of 6th October 2020

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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