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

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) appears to have run out of steam and is down a disappointing 0.3% to 6,029 points.

Four shares that have fallen more than most today are listed below. Here’s why they are ending the week in the red:

The Auscann Group Holdings Ltd (ASX: AC8) share price is down 6.5% to 72.5 cents. Today’s decline appears to be related to profit-taking. Which shouldn’t come as much of a surprise considering the pot stock’s shares are up a massive 45% in the last five days even after accounting for today’s decline.

The Santos Ltd (ASX: STO) share price has fallen 3.5% to $4.49. Today’s decline appears to be related to a broker note out of UBS which revealed that its analysts have downgraded the energy company to a sell rating with a price target of $4.05 following its recent trading update. While the update was a touch disappointing, I think it is still worth holding onto your shares due to the prospect of rising oil prices.

The Whitehaven Coal Ltd (ASX: WHC) share price has tumbled 5% to $3.81. Today’s decline is attributable in full to the coal miner’s shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving its 6 cents per share dividend and 14 cents per share capital return on November 28.

The XERO FPO NZX (ASX: XRO) share price has fallen 3.5% to $29.50. This decline appears to be related to a broker note out of Macquarie’s equities desk this morning. That note revealed that its analysts have downgraded Xero to an underperform rating with a NZ$30 (A$27) price target following its recent update.

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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 Xero. 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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