Why these 4 ASX shares are tumbling lower today

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 is down a further 1% to 6,041.7 points.

Four shares that are falling more than most today are listed below. Here’s why they have tumbled lower:

The Afterpay Touch Group Ltd (ASX: APT) share price has fallen 5% to $15.90. A number of high PE tech shares have dropped deep into the red today. This could be a combination of profit taking from investors after major gains over the last 12 months and investors responding to widening bond yields. As treasury bonds are used in discounted cash flow models, when yields widen the intrinsic value of a share will more than likely reduce.

The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has plunged over 9% lower to $19.69 despite there being no news out of the biopharmaceutical company. But as with Afterpay Touch, Clinuvel’s shares have been on fire over the last 12 months and were trading on nosebleed valuations.

The Ramsay Health Care Limited (ASX: RHC) share price has dropped 2.5% to $54.32 after the private hospital operator’s French subsidiary increased its takeover offer for Swedish peer Capio. The offer has been increased from SEK 48.5 per share to SEK 58 cash per share. This has lifted the valuation to approximately $1.294 billion. Goldman Sachs doesn’t appear to see value in the move and has retained its sell rating and $49.00 price target on Ramsay’s shares.

The Resolute Mining Limited (ASX: RSG) share price has tumbled 5% lower to $1.01. Although the market is having a bit of a meltdown, investors have not fled to risk off assets like the gold miners due to a sudden drop in the gold price overnight. The spot gold price fell 1.1% to US$1,188 an ounce overnight on the back of subdued demand.

Top Australian Stock Picker Just Issued Rare “Double Down” Buy Alert

Discover why this legendary Australian stock-picker just issued a “Double Down” buy alert to his exclusive group of insiders… and why he’s convinced this might be the single most attractive entry point for years to come.

Simply click here to get started and access our secure sign-up page.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.