In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to push ever so slightly higher. At the time of writing the benchmark index is up 4 points to 6,183.5 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 Kogan.com Ltd (ASX: KGN) share price has given back some of yesterday’s gains and is down 2.5% to $3.76. The ecommerce company’s shares rose strongly on Thursday after it announced the launch of Kogan Marketplace. The platform will give its customers more choice and allow businesses to reach more customers. Kogan will earn a commission on sales made through the Marketplace.
The Northern Star Resources Ltd (ASX: NST) share price has tumbled 3% to $8.81 after the gold price dropped lower. Overnight the spot gold price dropped 1% to US$1,296.40 an ounce after no-deal Brexit fears faded. According to CNBC, the precious metal has continued to slide in Asian trade. Northern Star isn’t the only gold miner in the red today. The S&P/ASX All Ords Gold index is down 2.3% at the time of writing.
The Retail Food Group Limited (ASX: RFG) share price has crashed 11% lower to 16.5 cents following the release of the franchise inquiry report yesterday afternoon. The embattled food and beverage company was singled out in one of the report’s recommendations. It recommends that the ACCC, ASIC and the ATO conduct investigations into the operations and dealings of the company with regard to matters including Australian Consumer Law, insider trading, and tax avoidance.
The Syrah Resources Ltd (ASX: SYR) share price has fallen 6% to $1.08. On Thursday the graphite producer released a disappointing quarterly update which revealed it expects even weaker than anticipated prices for its graphite during the first quarter. Management advised that it expects a weighted average graphite price of between US$460 and US$470 per tonne during the quarter, compared to its guidance range of US$500 to US$600 per tonne
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Kogan.com ltd. 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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