Why these 4 ASX shares started the week in the red

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has returned from its break with a move higher today. At the time of writing the index is up 0.2% to 6,081 points.

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

The European Cobalt Ltd (ASX: EUC) share price is down 26% to 12 cents following the release of the drilling results from the first four holes at its cobalt project in Slovakia. Unfortunately the results were weaker than expected and shareholders have headed to the exits.

The Northern Minerals Ltd (ASX: NTU) share price has fallen 8.5% to 8.6 cents after the rare earths company advised that it has raised approximately $9.7 million through equity and debt for further development of the Browns Range Pilot Plant. Approximately $4.7 million of this was raised at 7.8 cents per share, a significant discount to the last close price.

The Pushpay Holdings Ltd (ASX: PPH) share price has tumbled 4% to $3.82 despite there being no news out of the fintech company. Prior to today Pushpay’s shares had more than tripled in value this year, which I believe means there’s a strong chance that today’s decline is related to profit taking.

The Qantas Airways Limited (ASX: QAN) share price has fallen 2% to $5.09. Today’s decline could be related to improvements in the oil price over the Christmas break. US crude oil hit US$60 a barrel on Tuesday following reports of a pipeline explosion in Libya. This is the first time it has reached this level since 2015.

Need a lift after today's declines? Then these hot stocks could be what you need.

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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 PUSHPAY FPO NZX. 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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