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Why these 4 ASX shares sank lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from a disappointing start and is slightly higher in afternoon trade at 6,074 points.

Four shares that have failed to follow the market higher are listed below. Here’s why they have sunk lower:

The Livetiles Ltd (ASX: LVT) share price is down 6.5% to 36 cents. The technology company’s shares have gone gangbusters over the last few days following the announcement of a partnership with Microsoft in the AI space. I suspect today’s decline is related to profit taking.

The Mayne Pharma Group Ltd (ASX: MYX) share price has fallen 3% to $68.5 cents despite there being no news out of the embattled pharmaceutical company. But with little sign of things improving in the U.S. generic drugs market, I can’t say I’m surprised to see investors heading to the exits.

The Resapp Health Ltd (ASX: RAP) share price has tumbled 4% to 7.7 cents. Investors appear undecided on the healthcare company’s future prospects, leading to wild swings in its share price in recent weeks.

The Retail Food Group Limited (ASX: RFG) share price has fallen a further 14% to $1.70. Yesterday’s profit downgrade appears to have been the final straw for a lot of investors. Unfortunately, I think it would be best to take a loss on this one and move onto something else. I do have concerns about its ability to sell franchises in future following recent media reports.

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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 Retail Food Group Limited. The Motley Fool Australia has recommended LIVETILES FPO. 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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