Why these 4 ASX shares have sunk lower today


In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the day higher. At the time of writing the index is up 0.2% to 6,267.5 points.

Four shares that have failed to follow the market higher today are listed below. Here’s why they have sunk lower:

The Argosy Minerals Limited (ASX: AGY) share price is down 8% to 25.7 cents. With no news out of the lithium company, I suspect that today’s decline is a case of profit taking after its shares rocketed higher on Monday. The Argosy Minerals’ share price is still up 44% this week despite today’s sizeable decline.

The BWX Ltd (ASX: BWX) share price has plunged 8% lower to $4.99 after the company behind the Sukin skin care range released a surprise profit guidance downgrade. Management has advised that unaudited underlying EBITDA for the 12 months ending June 30 is expected to be between $40 million and $41 million. This represents an increase of 52% to 55% on the prior corresponding period but is down from previous guidance of EBITDA in the range of $42 million to $46 million. No reason was given for the downgrade.

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price has fallen 2% to $49.76 after its UK equivalent released a disappointing half-year result. The UK-listed Domino’s Pizza saw its shares fall 10% overnight after reporting a surprise fall in profits. Statutory profit fell 9.7% to £41.7 million in the first half of the year, compared to £46.2 million in the prior corresponding period. Its investment in the Scandinavian market and slowing same store sales in the UK were blamed for the soft result.

The Greencross Limited (ASX: GXL) share price is down almost 4% to $4.17 despite there being no news out of the struggling integrated pet care company. Greencross shareholders may be heading for the exits ahead of its result later this month. There are concerns that the company’s growth strategy is failing to deliver on expectations and that its full-year result may underwhelm.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX Limited and Greencross Limited. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited. 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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