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

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has disappointingly slipped under the 6,000 points level for the first time since mid-December. At the time of writing the benchmark index is down 0.15% to 5,997 points.

Four shares which have weighed on the market today are listed below. Here’s why they have started the week in the red:

The Australian Pharmaceutical Industries Ltd (ASX: API) share price has fallen almost 4% to $1.47 following the release of a trading update. Due largely to suppressed retail conditions experienced by its Priceline brand, first-half net profit after tax is expected to come in 9% lower than the prior corresponding period at $26.5 million. Management does, however, expect full-year profit to be slightly above FY 2017’s result.

The Domain Holdings Australia Ltd (ASX: DHG) share price has plunged 11% to $2.95 following the shock resignation of its CEO Antony Catalano. According to the release, Mr Catalano has tendered his resignation just two months after its spin-off due to family commitments. Domain also took this opportunity to advise that its total revenue has grown 13% compared to the prior corresponding period.

The Fairfax Media Limited (ASX: FXJ) share price is down almost 7% to 67.2 cents following the aforementioned departure of Antony Catalano from its spun-off Domain business. Fairfax Media’s shares are down today due to the company’s holding in the property listings company. At the time of the spin-off in November, Fairfax Media was left with a 60% stake in Domain Holdings Australia.

The Mayne Pharma Group Ltd (ASX: MYX) share price has tumbled almost 5.5% to 70.5 cents. The pharmaceutical company’s shares have rallied strongly over the last couple of weeks on the back of no news. In light of this, I suspect that today’s decline could be a case of profit taking from day traders.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Australian Pharmaceutical Industries Limited. 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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