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

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a disappointing day of trade. At the time of writing the benchmark index is down 0.4% to 5,985.8 points due partly to declines in the banking sector.

Four shares that have fallen more than most today are listed below. Here’s why they are ending the week in the red:

The A2 Milk Company Ltd (ASX: A2M) share price is down 3% to $9.65 after being the subject of a bearish broker note out of CLSA. According to the note, the broker has downgraded the infant formula and dairy company’s shares to a sell rating on the back of concerns over daigou pricing. I think when the dust settles this could be a buying opportunity.

The Artemis Resources Ltd (ASX: ARV) share price is down 9% to 19.5 cents. Yesterday the mineral exploration company announced the sale of 4 million shares it owned in Novo Resources Corp to Kirkland Lake Gold (ASX: KLA) for C$20 million. It appears that some shareholders were disappointed with the decision to sell the stake.

The Bellamy’s Australia Ltd (ASX: BAL) share price is down 5% to $16.82. The organic infant formula company had been on a strong run of late rising more than 12% in just two days. The a2 Milk broker downgrade appears to have panicked investors and led to a spot of profit taking during trade today. Like a2 Milk, this could arguably be a buying opportunity as well once the dust settles.

The Cann Group Ltd (ASX: CAN) share price is down almost 4.5% to $2.96 despite there being no news out of the medicinal cannabis company. This latest decline means that its shares are down over 17% since this time last month and have now given back all the gains they made since revealing a takeover approach from Canada’s Aurora Cannabis.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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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