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Why these 4 ASX shares dropped lower today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it four days in a row of gains thanks to a strong performance in the telco sector. At the time of writing the index is up almost 0.3% to 6,369 points.

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

The Atlas Arteria Group (ASX: ALX) share price has fallen almost 4% to $6.78. The toll road company, formerly known as Macquarie Atlas Roads, released its half year results this morning and posted a statutory net loss of $15.5 million. Aggregate portfolio traffic grew 3.4% compared to the prior corresponding period. reflecting strong traffic growth in its European assets. This led to proportionate revenue increasing 5.6% to $559.9 million.

The PMP Limited (ASX: PMP) share price has plunged 14.5% lower to 20.5 cents after the commercial printer released its full year results. PMP posted a 12.8% decline in sales to $734 million and another net loss after significant items. This year’s net loss was $43.8 million, down from a loss of $126.4 million in FY 2017. Net debt increased 77% to $32.8 million and is expected to increase again in FY 2019. This is a company I would suggest investors stay well clear of.

The Ramsay Health Care Limited (ASX: RHC) share price dropped 6% to $54.67. This morning the private hospital operator released a disappointing full year result and surprisingly weak guidance for the year ahead. Due to tough trading conditions across its business, Ramsay is expected to grow core EPS by up to 2% in FY 2019. I think its shares are overvalued given its current growth profile.

The RCR Tomlinson Limited (ASX: RCR) share price has sunk almost 57% lower to $1.21 after successfully completing its institutional entitlement offer. A total of $70 million was raised at a significant discount of just $1.00 per share. A retail component will now be undertaken at the same offer price. RCR is seeking to raise approximately $100 million to avoid the risk of breaching financial covenants.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Ramsay Health Care 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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