The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from a weak start and finds itself up a solid 0.3% to 6,110 points in afternoon trade.
Four shares which have unfortunately failed to follow the market higher today are listed below. Here’s why they are ending the week in the red:
The Cann Group Ltd (ASX: CAN) share price has fallen almost 6% to $2.92. The majority of Australia’s medicinal cannabis companies have fallen into the red today as investors lock in gains after a strong push higher in January. The Cann Group share price has now dropped 36% since peaking at $4.55 at the start of last month.
The Digitalx Ltd (ASX: DCC) share price has plunged 11% lower to 24.5 cents. The blockchain company has a large holding of cryptocurrencies and has watched the value of them drop considerably this week. At present the bitcoin (BTC) price is down a whopping 13% since this time yesterday at US$8,883 according to Coin Market Cap.
The Medibank Private Ltd (ASX: MPL) share price is down 3% to $3.26. Today’s decline is likely to be attributable to a research note out of Ord Minnett. According to the note, the broker has downgraded the private health insurer to a lighten rating with a $3.16 price target. The broker appears concerned that Medibank is continuing to lose market share amid affordability issues.
The OceanaGold Corporation (ASX: OGC) share price has fallen almost 4% to $3.29. After the market closed on Thursday the gold miner released its guidance for FY 2018. The market may be disappointed by its production guidance of 480,000 to 530,000 tonnes of gold for the year and capital expenditure of between US$90 million and US$115 million. I would suggest investors stay clear of OceanaGold due to the impact that rising interest rates in the United States could have on the gold price.
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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.
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