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Why these 4 ASX shares have dropped lower today

Although the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its morning gains, in afternoon trade the benchmark index is still 0.1% higher at 6,076 points.

Four shares that haven’t been able to follow the market higher today are listed below. Here’s why they have dropped lower:

The MGC Pharmaceuticals Ltd (ASX: MXC) share price has fallen 3% to 9.1 cents despite the rally in pot stocks. Investors appear to believe that the Federal Government’s decision to allow medicinal cannabis exports could be a negative for the Europe-based cannabis company.

The Qantas Airways Limited (ASX: QAN) share price has dropped almost 2% to $4.91. Today’s decline is likely to be related to a rise in the oil price overnight. Oil prices hit two-year highs overnight, possibly leading to concerns over an increase in the airline’s fuels costs.

The Sigma Healthcare Ltd (ASX: SIG) share price is down 3% to 99 cents despite there being no news out of the company. Investors have been heading to the exits in their droves over the last 12 months due to its underwhelming performance and concerns over its supply agreement with Chemist Warehouse.

The St Barbara Ltd (ASX: SBM) share price has tumbled 4% to $3.76. The majority of Australia’s gold miners have fallen into the red after the gold price gave back a portion of its recent gains overnight. This happened after minutes released from the recent FOMC meeting revealed that most members backed gradual rate rises in the United States.

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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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