It has been quite a turnaround for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). After a poor start to the day the benchmark index has pushed 0.3% higher to 5,914 points.
Four shares which haven’t managed to climb higher today are listed below. Here’s why they are ending the week in the red:
The Aconex Ltd (ASX: ACX) share price has fallen 2% to $4.67 despite there being no news out of the software-as-a-service company. But considering its shares have rallied strongly in recent weeks, today’s decline is likely to be a bit of profit taking in my opinion. Investors won’t have to wait long to find out if the share price gain has been justified. Aconex is due to hold its AGM on November 8.
The Bellamy’s Australia Ltd (ASX: BAL) share price is down almost 3% to $11.86. Like Aconex, the infant formula and baby food company’s shares have been on a tear recently. One leading broker still thinks they can go even higher, though. Yesterday Citi upgraded Bellamy’s to a buy and increased its price target to $14.40.
The Clean Seas Seafood Ltd (ASX: CSS) share price has plunged 9.5% to 6.6 cents after returning to trade following its voluntary suspension. The kingfish producer has undertaken a capital raising to raise funds to support the on-going growth in Yellowtail Kingfish biomass and investment in farming and processing facilities. Approximately $7 million has been raised through institutional investors at 6 cents per share. A further $8.9 million is expected to be raised via an underwritten renounceable rights issue.
The Healthscope Ltd (ASX: HSO) share price has fallen 2.5% to $1.87 a day after its annual general meeting. Its appears as though investors were disappointed that management still expects full-year EBITDA to be flat at best in FY 2018. A drop in the New Zealand dollar overnight won’t have helped either. Approximately 10% of its revenue is generated across the Tasman.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of ACONEX FPO. 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.