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.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
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.
- Xero (ASX:XRO) share price on watch after launching US$600 million notes offering – November 24, 2020 6:17pm
- Santos (ASX:STO) share price on watch following Narrabri Gas Project approval – November 24, 2020 5:49pm
- MyDeal (ASX:MYD) share price jumps 7% but tipped to go even higher – November 24, 2020 5:31pm