Why these 4 ASX shares sank lower today

It has been another disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index has dropped almost 0.2% to 6,013.9 points.

Four shares that have fallen more than most today are listed below. Here’s why they have sunk lower:

The Atlas Iron Limited (ASX: AGO) share price has fallen 16% to 3.7 cents after the iron ore miner released a North West Infrastructure (NWI) update. According to the release, NWI has received notice from the office of the Minister for Transport, Planning and Lands that implies that it does not have a priority right to develop Stanley Point Berths 3 and 4 in the Port of Port Hedland, Western Australia. Atlas is a founding member of the NWI and this news will be a bitter blow for its ambitions.

The Challenger Ltd (ASX: CGF) share price is down over 3% to $12.28. Today’s decline is likely to be attributable to a broker note out of Morgan Stanley this morning which revealed that its analysts have retained their underweight rating and $11.00 price target on the annuities company’s shares. The broker expects that Challenger’s decision to move its life investment portfolio away from property and into fixed income will result in softer margins.

The Primary Health Care Limited (ASX: PRY) share price has sunk 9% lower to $3.51 after the healthcare company was the subject of a negative broker note out of UBS. Due largely to a change of analyst, the broker has downgraded Primary Health Care’s shares all the way down from a buy rating to a sell rating. UBS has also slashed the price target on its shares to $3.50 from $4.00 on the belief that its shares hadn’t priced in the risks to its earnings in FY 2019.

The Wattle Health Australia Ltd (ASX: WHA) share price has tumbled 7.5% to $1.29 after returning to trade from a trading halt today. This morning the infant formula and health food company announced that it has successfully raised $53.9 million to fund its joint venture with Organic Dairy Farmers of Australia. The funds were raised at $1.25 per share.

Top 3 ASX Blue Chips To Buy In June

For many, blue chip stocks mean stability, profitability and regular dividends, often fully franked..

But knowing which blue chips to buy, and when, can be fraught with danger.

The Motley Fool’s in-house analyst team has poured over thousands of hours worth of proprietary research to bring you the names of "The Motley Fool’s Top 3 Blue Chip Stocks for 2018."

Each one pays a fully franked dividend. Each one has not only grown its profits, but has also grown its dividend. One increased it by a whopping 33%, while another trades on a grossed up (fully franked) dividend yield of almost 7%.

The names of these Top 3 ASX Blue Chips are included in this specially prepared free report. But you will have to hurry. Depending on demand – and how quickly the share prices of these companies moves – we may be forced to remove this report.

Click here to claim your free report.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger 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.

5 ASX Stocks for Building Wealth After 50

I just read that Warren Buffett, the world’s best investor, made over 99% of his massive fortune after his 50th birthday.

It just goes to show you… it’s never too late to start securing your financial future.

And Motley Fool Chief Investment Advisor Scott Phillips just released a brand-new report that reveals five of our favourite ASX stocks for building wealth after 50.

– Each company boasts strong growth prospects over the next 3 to 5 years…

– Most importantly each pays a generous dividend, fully franked.

Simply click here to find out how you can claim your FREE copy of “5 ASX Stocks for Building Wealth After 50.”

See the stocks now