Why these 4 ASX shares started the week in the red

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a strong start to the week. In afternoon trade the benchmark index is up 0.7% to 6,037 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they have started the week in the red:

The Auscann Group Holdings Ltd (ASX: AC8) share price is down 1.5% to 67 cents. This morning the pot stock announced that it has planted its second medicinal cannabis crop in Chile following the recent granting of its second cultivation licence by the Chilean government. This wasn’t enough to take its shares higher today.

The Aurizon Holdings Ltd (ASX: AZJ) share price has fallen over 6% to $5.06 after advising of an unfavourable assessment by Queensland Competition Authority. However, Aurizon is of the view that the QCA has made fundamental errors and miscalculations in its assessment and looks set to challenge its decision.

The Nearmap Ltd (ASX: NEA) share price has fallen over 3% to 60 cents. Although the use of the company’s impressive aerial imagery technology has been growing strongly in the local market, the lack of progress in the lucrative U.S. market appears to be leaving some investors frustrated.

The Retail Food Group Limited (ASX: RFG) share price has continued its decline and is down a further 7% to $2.65 amid further damaging reports in the media. The food and beverage company responded this morning by stating that it has no evidence of any widespread franchisee non-compliance with employee entitlement payments. The market is yet to be convinced it seems.

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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 and has recommended ACONEX FPO, Nearmap Ltd., and 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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