In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back yesterday’s gains and is down almost 0.4% to 6,003.2 points.
Four shares that have fallen more than most today are listed below. Here’s why they have tumbled lower:
The Argosy Minerals Limited (ASX: AGY) share price has plunged almost 27% lower to 22 cents after the lithium-focused mineral exploration company released a disappointing update on its Rincon project. According to the release, testing of a sample of the first one-kilogram production batch determined it to be a good quality industrial grade LCE and not the sought-after battery grade LCE.
The Kogan.com Ltd (ASX: KGN) share price has tumbled 10.5% lower to $8.78 after reports emerged stating that CEO Ruslan Kogan and CFO David Shafer were looking to offload shares. The company responded to the speculation advising neither party received a bid that was acceptable to them and, as such, no transactions have occurred. The lack of a buyer may have left some shareholders concerned about its valuation.
The Ramsay Health Care Limited (ASX: RHC) share price has fallen over 3% to $57.89 after the private hospital operator was downgraded by analysts at Credit Suisse. According to the note, the broker has downgraded its shares to an underperform rating from neutral and cut their price target down from $68.60 to $56.50. The downgrade was made largely on the back of concerns that Ramsay Health Care would not be immune from the structural slowdown in the private hospital industry.
The Retail Food Group Limited (ASX: RFG) share price has given back its early gains and fallen almost 4% to 75 cents after providing its guidance for FY 2018. Retail Food Group expects to post an $87.6 million statutory full-year loss this year due largely to impairment charges. On an underlying basis things aren’t much better. It expects underlying FY 2018 net profit after tax to be $34.5 million, down almost 55% from $75.7 million in FY 2017.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Kogan.com ltd and Ramsay Health Care Limited. 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.