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

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it three successive days of gains and is higher by 0.3% to 5,814 points.

Four shares that haven’t been able to follow the market higher today are listed below. Here’s why they are ending the week in the red:

The Argosy Minerals Limited (ASX: AGY) share price has plunged 8% to 23.5 cents after emerging from its self-imposed suspension. Investors appear to be disappointed that the mineral exploration company was forced to reduce its $15 million placement price to 18 cents per share from 22 cents.

The Cann Group Ltd (ASX: CAN) share price has continued its poor run and is down a further 3.5% to $1.18. the brings the medicinal cannabis company’s week-to-date decline to almost 10% despite there being no news out if it. However, considering its shares have more than doubled in value in the last three months, this decline could be due to profit-taking.

The Change Financial Ltd (ASX: CCA) share price has fallen 3% to 76.5 cents. Like Cann, this fast-growing fintech company’s shares have been on a tear recently, which could mean today’s decline is related to traders taking profit. I have been impressed with Change Financial’s recent results and believe it could be a great buy and hold investment.

The Xenith IP Group Ltd (ASX: XIP) share price has fallen 30% to $1.17 after the intellectual property services company provided full-year EBITDA guidance that fell short of the market’s expectations. Due largely to issues with recent acquisitions, Xenith IP expects EBITDA to be between $18 million and $22 million in FY 2018.

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Motley Fool contributor James Mickleboro owns shares of ChimpChange Ltd. 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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