In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it four consecutive days of declines. At the time of writing the benchmark index is down a disappointing 0.15% to 6,006 points.
Four shares falling more than most today are listed below. Here’s why they are ending the week in the red:
The Auscann Group Holdings Ltd (ASX: AC8) share price has tumbled almost 7% to $1.59 despite there being no news out of the pot stock. Almost all pot stocks have sunk lower today as day traders take profit after some strong gains. While I am a fan of AusCann, I think there is an awful lot of future growth built into its share price now.
The Livetiles Ltd (ASX: LVT) share price is down 3.5% to 58 cents. On Thursday the fast-growing tech company’s shares rallied significantly higher after reporting strong growth in its annualised subscription revenue. I suspect that today’s decline could be down to profit-taking from traders.
The Orocobre Limited (ASX: ORE) share price is down almost 10% to $6.46. The majority of the lithium miners are being sold-off today amid concerns that there could be an oversupply of the metal in the next few years after lithium-giant Sociedad Química y Minera was granted approval to ramp up its production. Orocobre has just announced plans to ramp up its own production.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is off 2.5% to $1.52. The gold miners have taken a tumble today after bond yields widened in the United States. In addition to this, Saracen was labelled as a share to sell this week by analysts at Citi on valuation grounds. The broker has a $1.32 price target on the gold miner’s shares.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended LIVETILES 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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