The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to have a positive start to the week and is up just over 0.2% to 5,963 points in afternoon trade.
Four shares which haven’t been able to follow the market higher today are listed below. Here’s why they have started the week in the red:
The 1300 Smiles Limited (ASX: ONT) share price has fallen almost 3.5% to $6.35 during trade on Monday. A good portion of this decline can be attributed to the dental practice operator’s shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving the company’s 12 cents per share interim fully franked dividend in their nominated account on March 28.
The Afterpay Touch Group Ltd (ASX: APT) share price has tumbled 5.5% to $6.92 despite there being no news out of the fintech company. Its shares are now down over 15% since peaking at $8.16 following the release of a strong result during earnings season. I think that profit-taking is likely to be behind its recent declines.
The Beadell Resources Ltd (ASX: BDR) share price has plunged almost 16% lower to 7.5 cents after the gold miner announced plans to merge with Canada’s Golden Harp. The new merged entity, to be known as Americano Mining Inc., aims to be listed on both the ASX and the TSX Venture exchange. Judging by the share price reaction, shareholders don’t appear to be overly keen on the company’s plan.
The Galaxy Resources Limited (ASX: GXY) share price has fallen almost 3% to $3.47 despite a number of lithium miners pushing higher on Monday. But considering Galaxy’s shares were up over 14% last week, I suspect some investors have decided to take a bit of profit off the table today. Galaxy remains my first pick in the industry, though it is a high risk one.
While I think Galaxy is a buy, it is a high risk investment. So these top mid cap growth shares might be better for investors with a lower tolerance for risk.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended 1300SMILES 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.