MENU

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

It has been a disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index has given back its morning gains and is down 0.1% to 6,234 points.

Four shares that have fallen more than most today are listed below. Here’s why they are ending the week in the red:

The Ardent Leisure Group (ASX: AAD) share price is down 2.5% to $1.78. This morning the entertainment company’s shares were downgraded to a lighten rating by Ord Minnett. According to the note, the broker also slashed its price target on Ardent Leisure’s shares to $1.54 from $1.95 due to concerns that the company is not responding to increasing competition in the U.S. quick enough.

The AVZ Minerals Ltd (ASX: AVZ) share price has fallen heavily for a second day in a row and is down almost 8% to 12 cents. Although the mineral exploration company confirmed that it is sitting on the world’s largest lithium deposit at its 60% owned Manono project, investors appear doubtful that anything will ever be pulled out of the ground. This is due largely to the operation being in the centre of Africa in a country with poor infrastructure.

The Medical Developments International Ltd (ASX: MVP) share price has dropped 8% to $4.09. The healthcare company behind Penthrox has seen its shares come under significant selling pressure recently after the U.S. Food and Drug Administration voiced concerns over the pain management product. The clinical program for Penthrox to be approved for sale in the USA was put on hold by the regulator pending a letter outlining outstanding issues and concerns.

The Perseus Mining Limited (ASX: PRU) share price is down almost 4% to 38.5 cents following a decline in the gold price. This means the precious metal has lost around 7% of its value in just the last six weeks. Almost all Australia’s gold miners have fallen into the red today, dragging down the S&P/ASX All Ords Gold index down by 1.4% today.

Japanese Billionaire’s Prediction Will Give You Goosebumps

When a veritable investing and entrepreneurial genius speaks, it pays to listen.

In fact, he's now preparing a $100B "war chest" to invest entirely in this "terrifying" new technology, which could spell huge profits for investors.

Click here to learn about this technology and how you can 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.

The 5 mining stocks we’re recommending in 2019…

For decades, Australian mining companies have minted money for individual investors like you and me. But if you believe the pundits and talking heads on TV, those days are long gone. Finito! Behind us forever…

We say nothing could be further from the truth. To earn the really massive returns, you’ve got to fish where others aren’t fishing—and the mining sector could be primed for a resurgence. That’s why top Motley Fool analysts just revealed their exciting new research on 5 ASX miners they believe could help you profit in 2019 and beyond…

Including:

The best way we see to play the global zinc shortage… Our #1 favourite large-cap miner (hint: it’s not BHP)… one early-stage gold miner we think could hit the motherlode… Plus two more surprising companies you probably haven’t heard of yet!

For free access to our brand-new research, simply click here or the link below. But be warned, this research is available free for a limited time only, and we reserve the right to withdraw it at any time.

Click here for your FREE report!