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

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and edged 0.1% lower to 6,290.5 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 Argosy Minerals Limited (ASX: AGY) share price is down 3% to 25.2 cents. The lithium company’s shares rose strongly at the start of the week after it announced the production of battery grade lithium at its operation in Argentina. I suspect that today’s decline could be a case of profit taking from some investors.

The Beach Energy Ltd (ASX: BPT) share price has fallen 3% to $1.93. The energy sector has been a major drag on the market today and is down 1.3% at the time of writing. Further declines in oil prices have weighed on the sector today. Both the WTI crude oil price and the Brent crude oil price sunk lower overnight on the back of escalating trade war concerns.

The James Hardie Industries plc (ASX: JHX) share price has plunged 8.5% to $21.26 after the building products company released its first quarter results. Although James Hardie reported a 29% increase in adjusted net operating profit to US$79.9 million for the quarter and spoke positively about the rest of the year, the market appears to have been expecting an even stronger result.

The Sims Metal Management Ltd (ASX: SGM) share price has tumbled over 4.5% lower to $16.16 after the scrap metal company was the subject of a broker note out of Ord Minnett. According to the note, the broker has downgraded its shares to a hold rating with a reduced price target of $17.00. The broker appears to be concerned with recent developments in China and the impact it could have on its second half performance.

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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.

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