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

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.

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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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