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Why these 4 ASX shares are sinking lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a positive day and has bounced back from yesterday’s decline, In afternoon trade the benchmark index is up 0.4% to 6,010 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are sinking lower:

The Fluence Corporation Ltd (ASX: FLC) share price is down 4% to 37.5 cents despite there being no news out of the water solutions company. At one stage today the Fluence share price dropped to a 52-week low of 34 cents before recovering slightly. Despite a series of contract wins this year, investors have continued to head to the exits in their droves.

The Reckon Limited (ASX: RKN) share price is down 6.5% to $1.08 after accounting software company MYOB Group Ltd (ASX: MYO) announced that it would not be pursuing an acquisition of Reckon any longer after the ACCC blocked its takeover approach. The MYOB share price is down almost 8% today as well. While this could be a buying opportunity, I think there is a better option for investors in the accounting software industry.

The Retail Food Group Limited (ASX: RFG) share price has fallen almost 7% to 82.5 cents. The embattled food and beverage company’s shares had rallied hard over the last few days after announcing the appointment of a new CEO. I suspect that profit taking could be weighing on its shares today. I would suggest investors stay clear of Retail Food Group and resist any temptation to buy the dip.

The Ruralco Holdings Ltd (ASX: RHL) share price has dropped around 3% to $3.08. Today’s decline is entirely attributable to the agribusiness company’s shares going ex-dividend this morning for its interim 9 cents per share dividend. Eligible Ruralco shareholders can now look forward to receiving this dividend in their nominated accounts on June 19.

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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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