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Why these 4 ASX shares tumbled lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) appears to have run out of steam and has sunk 0.2% lower to 6,062 points in afternoon trade.

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

The Auscann Group Holdings Ltd (ASX: AC8) share price has fallen almost 5% to 61 cents despite there being no news out of the pot stock. I suspect that today’s decline will be a case of profit taking from day traders following its recent gains.

The AWE Limited (ASX: AWE) share price has fallen 3% to 85.5 cents after its board advised that it recommended shareholders accept the 83 cents per share takeover offer from Mineral Resources Limited (ASX: MIN).

The Base Resources Ltd (ASX: BSE) share price has plunged 16% to 25.5 cents after emerging from a trading halt. This morning the mineral sands company announced the completion of a placement and institutional entitlement offer to raise approximately $100 million at 25.5 cents per share. The proceeds will be used to fund the acquisition of the Toliara Sands Project in Madagascar.

The Pilbara Minerals Ltd (ASX: PLS) share price is down almost 5% to $1.13 after a research note out of Citi revealed that its analysts have downgraded the lithium miner to a sell rating largely on valuation concerns. The broker has a price target of $1.05 on its shares. I would class the lithium miner as a hold rather than a sell.

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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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