Why these 4 ASX shares have sunk lower today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and is down a disappointing 0.5% to 6,105 points.

Four shares acting as a drag on the market today are listed below. Here’s why they have sunk lower:

The Afterpay Touch Group Ltd (ASX: APT) share price has fallen almost 4% to $6.41. I believe today’s decline is likely to be the result of profit taking from traders. After all, the payment solutions company’s shares have been on a tear in recent weeks. This drop could be a buying opportunity in my opinion.

The AuMake International (ASX: AU8) share price has crashed 8.5% lower to 48.5 cents following the release of an update relating to its proposed $20 million capital raising at 63 cents per share. Its underwriter Prenzler Group has terminated the underwriting agreement on the back of recent share price volatility. As a result, AuMake will refund all application monies received and withdraw the offer. Instead the daigou company will now attempt to raise $14 million at 45 cents per share.

The Catapult Group International Ltd (ASX: CAT) share price has tumbled 4% to $1.58 after the sports analytics company revealed that co-founders Shaun Holthouse and Igor van de Griendt plan to offload 6 million shares to institutional investors. The pair do, however, still have a significant holding in the company and have no plans for further share sales before the end of FY 2018.

The Newcrest Mining Limited (ASX: NCM) share price is down over 2.5% to $22.58 following a drop in the gold price. Almost all Australian gold miners have sunk lower today after bond yields widened in the United States. I expect yields will continue to widen as the year progresses, weighing heavily on yield-less gold. Because of this I would stay clear of the gold miners now.

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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 Catapult Group International Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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