Why these 4 ASX shares sank lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and in afternoon trade is mostly flat at 5,920 points.

Four shares that have acted as a drag on the market today are listed below. Here’s why they have sunk lower:

The Beach Energy Ltd (ASX: BPT) share price has fallen over 4% to 96.2 cents following the release of its quarterly update. Although the energy producer posted a 5% lift in quarterly revenue to $178 million thanks to higher oil prices, the market appears to be disappointed by its weaker production.

The Bubs Australia Ltd (ASX: BUB) share price is down 3% to 79 cents. I suspect that today’s decline is likely to be related to profit taking. After all, the infant formula and baby food company’s shares are up over 60% since the start of the month.

The Harvey Norman Holdings Limited (ASX: HVN) share price has fallen almost 3% to $3.79. Today’s decline is attributable in full to the retailer’s shares going ex-dividend this morning. Eligible shareholders should expect to receive its 12 cents per share fully franked dividend on December 1.

The Inghams Group Ltd (ASX: ING) share price is down almost 3% to $3.59 on the day of the poultry producer’s annual general meeting. Although management reiterated its full-year guidance this morning, it did warn that higher feed prices could impact its earnings. This is likely to have led to today’s decline.

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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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