Why these 4 ASX shares are tumbling lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and pushed higher on Thursday. In afternoon trade the benchmark index is up 0.7% to 6,068.2 points.

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

The Ainsworth Game Technology Limited (ASX: AGI) share price has fallen over 4% to $1.10. With no news out of the gaming technology company, today’s decline is likely to be attributable to a broker note out of the Macquarie equities desk. According to the note, the broker has downgraded the company’s shares to an underperform rating with a reduced price target of 95 cents. Macquarie appears to believe Ainsworth Game Technology will find growth hard to come by in FY 2019 due the underperformance of its games.

The Inghams Group Ltd (ASX: ING) share price has dropped over 9% to $3.71 after the poultry producer announced the surprise resignation of chief executive officer Mick McMahon after four years at the helm. Mr McMahon will step down after the release of its results in August. While I’m still not a buyer of its shares, I do think this selloff could be a bit of an overreaction.

The Orocobre Limited (ASX: ORE) share price has fallen 4.5% to $5.51 despite there being no news out of the lithium miner. Today’s decline could be down to profit taking after a strong rally in its share price last month.

The Retail Food Group Limited (ASX: RFG) share price has continued its decline and is down a further 4% to 68 cents. This latest decline means that the embattled food and beverage company’s shares have lost 17% of their value since this time last week. Investors appear concerned that its recent earnings guidance may lead to its breaching its debt covenants.

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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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