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

It has been another disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). After a strong start to the day, the market has given back its gains and more this afternoon. At the time of writing the index is down 0.5% to 5,636.6 points.

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

The Northern Star Resources Ltd (ASX: NST) share price has tumbled 6.5% lower to $8.72 after a broker note out of Citi revealed that its analysts had downgraded the gold miner’s shares to a neutral rating from buy following the release of its quarterly update. The broker has, however, lifted the price target on its shares to $9.25.

The Premier Investments Limited (ASX: PMV) share price has fallen almost 3.5% to $16.30. Almost all of today’s decline can be attributed to the retail conglomerate’s shares going ex-dividend this morning for its 33 cents per share final dividend. Eligible shareholders can look forward to receiving this dividend in their nominated accounts on November 16.

The Primary Health Care Limited (ASX: PRY) share price is down 5.5% to $2.58 after the company advised that a review of its payroll system found incorrect employee payments. According to the release, the healthcare company’s Medical Centres division will compensate certain past and present employees for incorrect payments under the modern awards since July 2011. Total remediation costs of $18 million have been provided for.

The Somnomed Limited (ASX: SOM) share price is down 8.5% to $1.55 following the release of the sleep treatment company’s first quarter results. Although Somnomed delivered strong growth from its core business, this was offset slightly by the underperformance of its Renew Sleep Solutions business. The latter saw revenue fall 15% on the prior corresponding period despite a 12% increase in patient numbers.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments 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.

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