The Motley Fool

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.

NEW. The Motley Fool AU Releases Five Cheap and Good Stocks to Buy for 2020 and beyond!….

Our experts here at The Motley Fool Australia have just released a fantastic report, detailing 5 dirt cheap shares that you can buy in 2020.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading over 40% off it's high, all while offering a fully franked dividend yield over 3%...

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click here or the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!

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.