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Why these 4 ASX shares have sunk lower today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday’s meltdown with a 0.9% move higher to 5,886 points.

Four shares which haven’t been able to follow the market higher today are listed below. Here’s why they have sunk lower:

The Carsales.Com Ltd (ASX: CAR) share price has fallen 1% to $14.21 following the release of its half-year results. Investors appear to have been pricing in stronger growth than the car listing company delivered. For the six months ending December 31, Carsales delivered a 12% increase in revenue to $200.1 million and an 11% increase in adjusted net profit.

The Evolution Mining Ltd (ASX: EVN) share price has tumbled over 4% to $2.71. The majority of Australia’s leading gold miners have sunk lower today amid concerns that rising inflation in the United States could lead to rates increasing quicker-than-expected. I think this is likely to cause bond yields to widen and the gold price to fall.

The Myer Holdings Ltd (ASX: MYR) share price is down almost 1% to 64.5 cents despite there being no news out of the retailer. Myer’s shares were surprisingly flat during yesterday’s market meltdown, so appear to have missed out on today’s rebound. I wouldn’t suggest investors snap up shares until it reports a big improvement in its performance.

The Sundance Energy Australia Ltd (ASX: SEA) share price has fallen 15% to 8 cents after emerging from a trading halt. This morning the energy company confirmed that it is in discussions with various parties in connection with a material acquisition of US shale assets and associated funding. It is unclear at this stage whether the associated funding for these assets will be highly dilutive to existing shareholders. Judging by the share price decline today, some shareholders appear to believe it will be.

Instead of investing in Sundance Energy, investors might want to consider these top blue chip shares with the wind in their sails.

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