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

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to have a strong finish to the week. In afternoon trade the benchmark index is up 0.8% to 6,293.1 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they are ending the week in the red:

The AMP Limited (ASX: AMP) share price has fallen 4.5% to $3.32 following the release of a first-half update. As well as providing the market with its plans for a much-needed reset of its business, the company advised of $290 million in costs for “potential advice remediation” to fix the problems across its financial advice business.

The Evolution Mining Ltd (ASX: EVN) share price has dropped over 4% lower to $2.91. This morning La Mancha Group International advised that it has undertaken a block trade of Evolution shares, representing 5.4% of its issued capital. This reduced its holding in the gold miner to 9.6%. According to the release, the shares were offloaded at an average price of $2.84 per share. This was a 6.5% discount to the last close price.

The Fairfax Media Limited (ASX: FXJ) share price has given back some of yesterday’s gains and is down 2.5% to 81.5 cents. Investors may be taking profit off the table after a surge in the Fairfax share price on Thursday following the news of its merger with fellow media company Nine Entertainment Co Holdings Ltd (ASX: NEC).

The St Barbara Ltd (ASX: SBM) share price has plunged 10% to $4.48 a day after the release of its fourth-quarter update. The gold miner’s shares rose almost 3% yesterday following the announcement of its results but have given back those gains and more following the release of a bearish broker note out of Citi. According to the note, it has retained its sell rating and placed a $3.80 price target on St Barbara’s shares. Although the broker believes the quarter was positive and its FY 2019 guidance looks strong, it doesn’t appear overly confident that it will achieve the latter.

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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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