Why these 4 ASX shares dropped lower today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) looks set to have another day in the red. In afternoon trade the index is down by 0.8% to 5,927 points.

Four shares than have fallen more than most today are listed below. Here’s why they dropped lower:

The National Australia Bank Ltd (ASX: NAB) share price has fallen 1.3% to $29.95 after it emerged that some of its employees had been accepting cash bribes to facilitate loans which they knew were based on fake documents. This was being done in order to hit targets and collect bonuses and appears to be the first skeleton found in NAB’s closet during the Royal Commission.

The Retail Food Group Limited (ASX: RFG) share price has continued its decline and is down 2% to $1.12. Shareholders continue to head to the exits amid concerns that the future is becoming increasingly bleak for the embattled food and beverage company. I would suggest investors stay clear of Retail Food Group as I’m not convinced things will improve any time soon. In fact, I expect things could still get worse as its franchise network dwindles and new franchise buyers are hard to come by.

The SKY and Space Global Ltd (ASX: SAS) share price has fallen almost 4% to 13 cents. Yesterday the global communication infrastructure company advised that it had raised $10 million through sophisticated and institutional investors at 12 cents per share. A further $5 million will now be raised through a fully underwritten share purchase plan. While I think SKY and Space Global could have a bright future ahead of it, I feel it will be some time before it is self-funding and generating meaningful revenues.

The Telstra Corporation Ltd (ASX: TLS) share price is down 2% to $3.34 despite there being no news out of the telco giant. I think this decline is a buying opportunity for investors, especially those that are in search of income. At the current share price Telstra’s shares provide a fully franked 6.5% yield in FY 2018.

As well as Telstra, I think this top dividend share is in the buy zone right now. Unlike Telstra, though, I think its dividend will grow significantly over the next couple of years.

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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 and has recommended Telstra Limited. The Motley Fool Australia owns shares of National Australia Bank 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 Scott Phillips.

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