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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.