Why these 4 ASX shares started the week in the red

The Retail Food Group Limited (ASX:RFG) share price is one of four starting the week in the red. Here’s why…

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Share prices down

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up 0.1% to 5,999 points.

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

The Alexium International Group Ltd (ASX: AJX) share price is down 2.5% to 37 cents. This morning the chemical development company’s shares resumed trading after announcing an oversubscribed institutional placement that raised $12 million at 35 cents per share. This was a 7.9% discount to last Wednesday’s closing price.

The Mineral Resources Limited (ASX: MIN) share price has sunk 6% lower to $16.74 after announcing a takeover offer for energy company AWE Limited (ASX: AWE). The all scrip offer is worth the equivalent of 80 cents per share to AWE shareholders. It seems as though Mineral Resources’ shareholders don’t see value in the proposal.

The Retail Food Group Limited (ASX: RFG) share price has plunged 21% to $3.48 after a series of negative articles by Fairfax Media Limited (ASX: FXJ) spooked investors. Management believes that the company’s situation is not accurately reflected in the Fairfax Media’s coverage.

The Treasury Wine Estates Ltd (ASX: TWE) share price has fallen 2% to $15.89. Although there was no news out of the wine company today, it was named by Citi as a share to sell last week. The broker has a $10.90 price target on its shares, over 31% lower than the current share price.

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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 Retail Food Group Limited. 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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