The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) hasn’t been able to build on yesterday’s gain and finds itself down 0.3% to 6,060 points in afternoon trade.
Four shares acting as a drag on the market today are listed below. Here’s why they have dropped lower:
The Argosy Minerals Limited (ASX: AGY) share price has fallen 5.5% to 44.5 cents despite positive news out of the company. This morning the lithium miner provided an update on the Stage 2 development progress at its Rincon Lithium Project in Argentina. Its evaporation ponds have now been filled with lithium brine and these ponds are fully operational for solar evaporation and lithium concentration during the peak summer season.
The Change Financial Ltd (ASX: CCA) share price has tumbled 5% to $1.07. This fast-growing U.S. based digital bank company’s shares surged to an all-time high yesterday, I suspect this has led to a spot of profit-taking from traders today. I think it is worth taking a closer look at Change Financial.
The Santos Ltd (ASX: STO) share price is down almost 2% to $5.35. Today’s decline is likely to be related to a broker downgrade by UBS. The investment bank has downgraded the energy company to a sell rating with a price target of $5.20 in response to its strong share price gain over the last few months. One of its peers was also downgraded by UBS.
The Telstra Corporation Ltd (ASX: TLS) share price is down almost 2% to $3.64. Like Santos, the telco company’s decline appears to be attributable to a broker downgrade. A note out of Macquarie reveals that its analysts have cut its rating on Telstra to neutral from outperform ahead of earnings season in February. I think Telstra is attractive at the current share price.