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Why these 4 ASX shares have started the week in the red

Although it has given back some of its morning gains, in afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is up 0.15% to 6,130 points.

Four shares which haven’t been able to follow the market higher today are listed below. Here’s why they started the week in the red:

The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has fallen 4.5% to $13.95. Prior to today the investment company’s shares had doubled in value since this time last year. With no news out of the company, I suspect investors are taking profit off the table today.

The Kogan.com Ltd (ASX: KGN) share price has tumbled 4.5% to $6.72. Kogan is another company which traders appear to be taking profit on today. The Kogan share price has been one of the best performers on the market in the last 12 months thanks to its outperformance of its prospectus forecasts and business diversification.

The Suncorp Group Ltd (ASX: SUN) share price has dropped 1.5% to $13.70 after advising that its total natural hazard claim costs from both Australia and New Zealand for the six months ending December 31 is currently estimated to be in the range $406 million to $416 million. This is $60 million to $70 million above its allowance for the period.

The Updater Inc (ASX: UPD) share price is down 5.5% to $1.29. Over the weekend the relocation platform provider was named as a top short for 2018 in the Fairfax media by Karen Towle from Tribeca. Towle believes that Updater may struggle to justify its market capitalisation this year. While I am a big fan of Updater, it will certainly need to start generating meaningful revenues this year to justify its current valuation.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Kogan.com 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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