The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week with a move higher. In afternoon trade the index is up 0.2% to 6,073 points.
Four shares that have failed to follow the market higher are listed below. Here’s why they are ending the week in the red:
The Altium Limited (ASX: ALU) share price is lower by 2.5% to $13.49 despite there being no news out of the software-as-a-service company. I suspect today’s decline could be the result of profit taking. Earlier this week its shares rallied higher after being labelled as a potential takeover target in 2018 by one leading broker.
The Beadell Resources Ltd (ASX: BDR) share price is down 3% to 17.5 cents following the release of an update on its Tucano mine gold production. According to the release, annual production is expected to be below guidance due to a short-term deferral of high grade ore brought about by minor operational factors.
The Pilbara Minerals Ltd (ASX: PLS) share price has continued its decline and is lower by a further 3.5% to $1.10. The lithium miner has come under pressure during the last couple of days after a broker downgrade by Citi. The broker made the move largely on valuation grounds.
The Wesfarmers Ltd (ASX: WES) share price is down 1% to $44.23 after announcing the sale of its Curragh coal mine to Coronado Coal Group for $700 million. Should the transaction complete successfully, management estimates that it will generate a post-tax profit of approximately $100 million.
These 3 stocks could be the next big movers in 2020
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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 Wesfarmers Limited. The Motley Fool Australia owns shares of Altium. 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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