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

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to bounce back from heavy early declines but still sits lower. At the time of writing the index is down almost 0.1% to 6,053.2 points.

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

The Accent Group Ltd (ASX: AX1) share price is down almost 4% to $1.52. This morning the footwear retailer’s shares were downgraded to a reduce rating with a $1.39 price target by analysts at Morgans. According to the note, the broker felt that Accent’s shares were too expensive after a strong run over the last 12 months. While its shares are by no means a bargain buy, I wouldn’t be a seller if I owned them.

The Aurelia Metals Ltd (ASX: AMI) share price has fallen over 4% to 56 cents after advising that Pacific Road Capital has sold its entire holding in the company to a range of existing and new institutional investors overnight. The sale was for 313.7 million shares or 36.7% of the company, but no details on the sell price have been disclosed at this point.

The Aurizon Holdings Ltd (ASX: AZJ) share price has dropped 3.5% to $4.17. Today’s decline could be attributable to a broker note out of Goldman Sachs late yesterday. According to the note, the broker has reiterated its sell rating and $4.01 price target due to concerns that there is an increased likelihood that Aurizon will see its earnings and dividend decline because of an unfavourable UT5 outcome.

The Retail Food Group Limited (ASX: RFG) share price has continued its decline and is down a further 5% to 63.5 cents. The bad news keeps flowing for this embattled food and beverage company. This morning S&P Dow Jones Indices released its changes to its S&P/ASX indices for June 18, with Retail Food Group one of three shares kicked out of the benchmark S&P/ASX 200.

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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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