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

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of U.S. markets and has pushed higher on Friday. In afternoon trade the index is up 0.3% to 5,930.1 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are ending the week in the red:

The Cann Group Ltd (ASX: CAN) share price is down 2% to $2.99 after the medicinal cannabis company released its quarterly update. Considering the company is not yet selling produce, there isn’t much to report. Cann Group finished the quarter with a cash balance of $82.5 million and expects cash outflows of $4.4 million in the current quarter.

The Fastbrick Robotics Ltd (ASX: FBR) share price has tumbled 7% to 19 cents despite there being no news out of the robotics company. Fastbrick Robotics’ shares have been on a tear this week, which may have led to a spot of profit taking today. Yesterday the company released an update on the estimated market opportunity for its Hadrian X bricklaying robot.

The OceanaGold Corp (ASX: OGC) share price has fallen 2.2% to $3.49 after the gold miner released its first-quarter update after the market closed on Thursday. OceanaGold reported revenue of $196.7 million, EBITDA of $100.9 million, and a net profit of $44.5 million during the quarter. Gold production and sales were both down significantly compared to the fourth-quarter due partly to a severe cold weather event at its Haile operation.

The Sandfire Resources NL (ASX: SFR) share price has dropped over 2.5% to $8.14 after the copper miner released its quarterly update. Investors appear to have been disappointed with its quarter-on-quarter decline in copper production. Management has, however, maintained its full-year copper production guidance and increased its guidance for gold production.

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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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