Why these 4 ASX shares tumbled lower today

The Cann Group Ltd (ASX:CAN) share price is one of four tumbling lower today. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from a terrible start and finds itself up by almost 0.2% to 6,032 points.

Four shares which haven't been able to follow the market higher today are listed below. Here's why they have taken a tumble:

The Beach Energy Ltd (ASX: BPT) share price has dropped 5.5% to $1.28 following the release of its quarterly update. Investors appear disappointed that sales volumes fell 3% quarter-on-quarter to 2,797 kboe. The energy company did, however, benefit from surging oil prices. Beach reported an average realised price of $97.40 per barrel during the quarter, 25% higher than the prior quarter.

The Cann Group Ltd (ASX: CAN) share price has fallen almost 6% to $3.08. Whilst the majority of Australian medicinal cannabis companies have sunk lower today, Cann has been one of the worst performers. The market appears to have been disappointed with its quarterly update which was released this morning. In its outlook management warned of further works that are needed to house new imported strains at its Southern facility.

The Syrah Resources Ltd (ASX: SYR) share price is down almost 3.5% to $3.91. I suspect this could be a delayed reaction to yesterday's quarterly release. In the release management warned that prices for its initial graphite shipments are lower than the basket price inferred by price reporting agencies. Short sellers may be quite excited by this revelation. Syrah has been the most shorted share on the ASX for some time.

The Village Roadshow Ltd (ASX: VRL) share price has fallen a further 3% to $3.56. Yesterday the entertainment company was one of the worst performers on the market following the release of a disappointing trading update. This led to analysts at Macquarie retaining their underperform rating and cutting the price target on its shares to $3.30. I think it is one to avoid.

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

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »