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

punished, punishment, red card

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) looks set to spend another day in the red on Friday. In afternoon trade the benchmark index is down 0.1% to 5,875.5 points.

Four shares that have acted as a drag on the market today are listed below. Here’s why they are ending the week in the red:

The Domain Holdings Australia Ltd (ASX: DHG) share price has tumbled almost 13% lower to $2.79 following the release of a trading update from the property listings company for the first 15 weeks of FY 2019. According to the release, total revenue is down 1% year to date despite a 6% rise in digital revenue. In addition to this, management advised that pro forma total costs are around 7% higher for the period.

The Fairfax Media Limited (ASX: FXJ) share price has plunged 12% lower to 68.2 cents after the media company released a trading update ahead of its merger with Nine Entertainment Co Holdings Ltd (ASX: NEC). So far in FY 2019, Fairfax has seen group revenue fall 5% on the prior corresponding period. In a seperate release, Nine warned that the advertising market has been slightly softer than expected year to date.

The Sigma Healthcare Ltd (ASX: SIG) share price is down 4% to 57.2 cents. Today’s gain is almost entirely attributable to its shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving the pharmacy chain operator’s interim 1.5 cents per share dividend in their nominated accounts on October 29.

The Syrah Resources Ltd (ASX: SYR) share price has fallen a further 3.5% to $1.84. The graphite miner’s shares have come under significant pressure in recent weeks after a series of issues at its Balama project. This led to its quarterly production falling well short of expectations in September. It also meant that management has pushed  back its positive cash flow target to the first quarter of 2019, rather than late 2018 as previously flagged.

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Returns as of 6th October 2020

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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