Why these 4 ASX shares are sinking lower today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has put its early declines behind it and climbed 0.1% higher to 6,076 points.

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

The Eclipx Group Ltd (ASX: ECX) share price has fallen almost 3.5% to $4.09. The majority of today’s decline is attributable to the fleet management company’s shares going ex-dividend this morning. Eligible shareholders can look forward to receiving its final dividend on January 19.

The Ltd (ASX: KGN) share price is down 3% to $6.41 despite there being no news out of the online retailer. But with its shares going gangbusters this year I wouldn’t be surprised if this decline is related to profit taking.

The Retail Food Group Limited (ASX: RFG) share price has slumped lower after a number of days of solid gains. The embattled food and beverage company’s shares ran out of steam today and have slumped 5% to $2.38.

The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is down 2.5% to $7.06. This decline is entirely attributable to the airport operator’s shares going ex-dividend this morning for its 18 cents per share final dividend. Eligible shareholders will receive this dividend in their accounts on February 14.

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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 and Sydney Airport Holdings Limited. The Motley Fool Australia has recommended ltd. 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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