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Why these 4 ASX shares plunged lower today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the U.S. market lower and is down a massive 3.3% to 5,827 points.

Four shares that have fallen more than most today are listed below. Here’s what you need to know:

The A2 Milk Company Ltd (ASX: A2M) share price has tumbled 6.5% to $7.72. A number of growth shares trading on high multiples have been cut down to size today during the market meltdown. As I said earlier, I think this has potentially created a buying opportunity for investors. However, it might be prudent to wait and see how international markets fare overnight before snapping up shares.

The Auscann Group Holdings Ltd (ASX: AC8) share price has plunged 11% to $1.29. This is the second day in a row of major declines for the medicinal cannabis company and I can’t say I’m surprised. Although AusCann could have a bright future if it becomes a market leader in the industry in Australia, a significant amount of growth had been built into its shares already. This put them at the high-end of the risk scale.

The Magellan Financial Group Ltd (ASX: MFG) share price is down over 7% to $24.95 following the release of its half-year results. Although Magellan delivered a strong result which saw management and services fees rise 22% compared to the prior corresponding period to $178.9 million, the fund manager’s exposure to U.S. equities has dragged its shares lower today.

The Macquarie Group Ltd (ASX: MQG) share price has fallen 6% to $97.61 after releasing its operational briefing. According to the release, trading conditions across the company were satisfactory in the December 2017 quarter. As a result, management expects its FY 2018 result to be up approximately 10% on FY 2017. This outlook is subject to factors including share market conditions. Which may explain today’s decline.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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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