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.
These 3 stocks could be the next big movers in 2020
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