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Why these 4 ASX shares are starting the year in the red

It has been a disappointing start to the year for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index has given back its morning gains and is down almost 0.2% to 6,055 points.

Four shares falling more than most today are listed below. Here’s why they have started 2018 in the red:

The Ardent Leisure Group (ASX: AAD) share price is down 1.5% to $1.97. The entertainment company’s shares rallied strongly at the end of the year following the sale of its bowling business, possibly leading to a spot of profit-taking today.

The Digitalx Ltd (ASX: DCC) share price has fallen 5% to 33 cents. The blockchain company has a tendency to rise and fall with the bitcoin price due to its exposure to bitcoin and cryptocurrency markets. Bitcoin has not fared too well over the last few days.

The OceanaGold Corporation (ASX: OGC) share price has tumbled 3% to $3.35 despite the gold miners climbing higher today following a rise in the gold price. Investors appear less willing to invest in OceanaGold due to regulatory issues its key Didipio mine faces in the Philippines.

The Virgin Australia Holdings Ltd (ASX: VAH) share price is lower by 3% to 27.2 cents. The airline’s shares have rallied over 50% higher in the last three months, which could mean that investors are taking a bit of profit off the table today.

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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.