Why these 4 ASX shares are ending the week in the red

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rebounded from early declines and has edged ever so slightly higher to 5,791 points in afternoon trade.

Four shares that have acted as a drag on the market today are listed below. Here’s why they are on course to end the week in the red:

The Avz Minerals Ltd (ASX: AVZ) share price has plunged almost 12% to 22.5 cents after the mineral exploration company released its drill results and a further response to an ASX price query. Second time around the company acknowledged that unauthorised images relating to these drill results were circulated on social media by one of its strategic advisors. I would stay away from AVZ Minerals while the two parties continue working together.

The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has fallen 3% to $5.46. At one stage the embattled investment company’s shares were down as much as 21% to $4.45 before recovering strongly. The investment company announced today that its management team has been buying shares on-market during this recent share price weakness.

The Lovisa Holdings Ltd (ASX: LOV) share price is down almost 3% to $9.39. The fast-fashion jewellery retailer has come under pressure this week after the shock resignation of its CEO. The company did, however, also provide a trading update in the same release which revealed that its strong sales growth had continued in the third quarter of FY 2018.

The Navitas Limited (ASX: NVT) share price has fallen for a second day in a row by 2.5% to $4.63. On Thursday the education provider released an update on its University Partnerships division. According to that release, Navitas experienced a 3% increase in student enrolments during the first semester of 2018 in its University Partnerships division. This was slower than its FY 2018 average growth to date, which currently stands at 6%. This led to Macquarie retaining its neutral rating but cutting its price target to $4.60.

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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 Scott Phillips.

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