Why these 4 ASX shares have started the week in the red

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a mixed start to the week and finds itself down by close to 0.1% at 6,082 points in afternoon trade.

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

The Asaleo Care Ltd (ASX: AHY) share price has fallen 7% to $1.33 after the release of a broker note out of Credit Suisse. According to the note, the broker has downgraded the personal care products company’s shares to an underperform (sell) rating with a $1.30 price target. Due partly to rising pulp costs, its analysts have downgraded their earnings estimates for Asaleo Care through to 2020.

The Flinders Mines Limited (ASX: FMS) share price has returned to trade with a 16% decline to 8.4 cents. This morning Flinders Mines announced that it was retracting its production target at the Pilbara iron ore project and provided a summary of its maturation programme findings. In respect to the latter, base case metallurgical processing test work indicates that the project detrital resource material experiences significantly lower yields than non-detrital ores.

The Somnomed Limited (ASX: SOM) share price has tumbled over 7% to $2.53 despite there being no news out of the sleep treatment company. At one stage SomnoMed’s shares were down as much as 10.5% to a 52-week low of $2.45. Its shares have come under pressure this year after a weaker than expected first-half result due to the underperformance in its core business in North America and a slower than expected take off trajectory of all Renew Sleep Solutions centres.

The Wattle Health Australia Ltd (ASX: WHA) share price has fallen 27% to $1.65 after returning to trade after a six-week suspension. This morning Wattle Health announced a $77.9 million funding package for the Corio Bay Dairy Group joint venture with Organic Dairy Farmers of Australia. $37.9 million of this will be raised through a 1 for 5 pro rata non-renounceable entitlement offer at $1.25 per share. This is almost 45% lower than the last close price.

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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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