MENU

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.

7 of 8 People Are Clueless About This Trillion-Dollar Market

One of our investors has recently returned from a research trip to Silicon Valley... and has a warning for fellow investors:

Because he works for an organization dedicated to spreading great investing ideas, his video report is free today... so you can see it and decide for yourself.

Don't miss your chance click here to learn about this warning and how you might be able to profit!

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.