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

The Argosy Minerals Limited (ASX:AGY) share price is one of four ending the week in the red. Here's why…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

a woman

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish a tough week on a high. At the time of writing the benchmark index is up 0.6% to 6,167.6 points.

Four shares that have failed to follow the market higher 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 5.5% to 25.5 cents. On Thursday the lithium company's shares rocketed higher after it advised that a successful and scalable chemical process solution to produce battery quality lithium carbonate product had been achieved. This means the company will soon send samples to its preferred off-take party before looking to finalise the preliminary off-take agreement for Stage 1 product. Today's decline appears to be a case of profit taking from some investors.

The Australian Mines Limited (ASX: AUZ) share price has fallen 4% to 4.7 cents despite releasing positive drilling results from the Greenvale nickel, cobalt, and scandium deposit at its Sconi project in Queensland. Although the results demonstrated the potential for its mineral resource to be extended in multiple mineralised zones, it seems some investors were expecting stronger results.

The Avjennings Ltd (ASX: AVJ) share price has dropped almost 5% to 69 cents. This morning the shares of the land development, integrated housing and apartment development, and home improvements company went ex-dividend for its fully franked 3 cents per share final dividend. This will be paid to eligible shareholders on October 11.

The Eden Innovations Ltd (ASX: EDE) share price has tumbled 5% to 3.9 cents. Like Argosy Minerals, I suspect that today's decline is down to profit taking after its shares rallied notably higher on Thursday. Eden Innovations' shares jumped after it appointed Parchem as its exclusive ANZ distributor of its EdenCrete product. Parchem is a leading manufacturer and supplier of products and equipment to the Australian and New Zealand concrete and construction markets.

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.

More on Share Market News

Time to sell written on a clock.
Broker Notes

Sell alert! Why this expert is calling time on CBA and Woodside shares

A top analyst foresees mounting headwinds for CBA and Woodside shares.

Read more »

Man putting golden coins on a board, representing multiple streams of income.
Record Highs

Guess which ASX ETF just hit an all-time high today?

This popular ASX ETF just hit a record high.

Read more »

Australian dollar notes in the pocket of a man's jeans, symbolising dividends.
Broker Notes

Why this quality ASX dividend share is tipped to surge 55%

A leading broker expects this ASX stock could rocket 55% atop paying two annual dividends.

Read more »

Middle age caucasian man smiling confident drinking coffee at home.
Broker Notes

Buy, hold, sell: CBA, Reece, and Wesfarmers shares

Let's see what analysts are saying about these popular shares this week.

Read more »

Red buy button on an Apple keyboard with a finger on it.
Broker Notes

Leading brokers name 3 ASX shares to buy today

Here's why brokers believe that now could be the time to buy these shares.

Read more »

Red buy button on an Apple keyboard with a finger on it.
Broker Notes

3 reasons to buy Origin Energy shares today

A leading analyst expects more outperformance from Origin Energy shares. But why?

Read more »

Excited couple celebrating success while looking at smartphone.
Share Gainers

Why Monash IVF, Pro Medicus, Telix, and Woodside shares are storming higher today

These shares are starting the week in a positive fashion. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why A2 Milk, Metallium, Northern Star, and St Barbara shares are sinking today

These shares are starting the week in the red. But why?

Read more »