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

It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At the time of writing the benchmark index has dropped a further 0.7% to 6,115.4 points.

Four shares that have fallen more than most are listed below. Here’s why they are ending the week in the red:

The Adelaide Brighton Ltd (ASX: ABC) share price has fallen 3% to $6.13. Today’s decline is largely attributable to the building materials company’s shares going ex-dividend this morning for its interim dividend. Eligible shareholders can now look forward to receiving the fully franked 13 cents per share dividend in their nominated accounts on October 11.

The NEXTDC Ltd (ASX: NXT) share price has fallen over 3.5% to $6.00 as the tech sector continues to come under pressure. One person that appears to see a lot of value in the data centre operator’s shares is non-executive director Sharon Warburton. A change of director’s interest notice reveals that she has seized on this weakness to pick up 7,000 shares through an on-market trade. Warburton paid an average price of $6.29 per share, equating to a total consideration of over $44,000.

The Retail Food Group Limited (ASX: RFG) share price has tumbled almost 7% lower to 46.7 cents. This morning S&P Dow Jones Indices announced its September quarterly rebalance of the S&P/ASX indices. The rebalance will see the embattled food and beverage company’s shares removed from the S&P/ASX 300 Index from the start of trade on September 24.

The Santos Ltd (ASX: STO) share price has dropped 2% to $6.55 after oil prices sank lower again overnight. According to Bloomberg, the WTI crude oil price fell 1.2% to US$67.89 a barrel and the Brent crude oil price fell 0.9% to US$76.60 a barrel. This appears to have offset the positive news that it has completed the sale of its non-core Asian portfolio to Ophir Energy. Santos received cash proceeds of US$144 million at completion.

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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. 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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