Why these 4 ASX shares sank lower today


In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fallen below the 6,000 points mark and is down a disappointing 0.9% to 5,968 points.

Four shares that have fallen more than most today are listed below. Here’s why they have sunk lower:

The Auscann Group Holdings Ltd (ASX: AC8) share price has fallen 6% to 75 cents. With no news out of the medicinal cannabis company, I suspect today’s decline is a case of profit taking. After all, prior to today AusCann’s shares had almost doubled in value in a month.

The JB Hi-Fi Limited (ASX: JBH) share price is down 3% to $22.55 despite there being no news out of the retailer. But with Amazon rumoured to be launching as soon as next week in Australia, it appears as though some shareholders are getting nervous and heading to the exits.

The OFX Group Ltd (ASX: OFX) share price has tumbled almost 4% to $1.70 after the money transfer company released its half-year results. Although OFX reported a 5.1% increase in active clients to 160,100, half-year profit sank a disappointing 14% to $8.3 million.

The Woodside Petroleum Limited (ASX: WPL) share price is down 3% to $31.25 after Royal Dutch Shell divested its remaining $3.5 billion holding in the company. As well as Woodside, a number of energy shares have fallen into the red today as investors take profit after recent gains. But with oil prices tipped to rise in 2018, today’s declines could potentially be a buying opportunity.

Need a lift after these declines? Then check out these quality growth shares.

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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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