In afternoon trade on Thursday the S&P/ASX 200 index is off its lows but still trading in the red. At time of writing the benchmark index is down 0.1% to 6,129.1 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The AusCann Group Holdings Ltd (ASX: AC8) share price has crashed 9.5% lower to 33.5 cents. This means that the medicinal cannabis company's shares have lost almost half of their value since the start of the year. I suspect the loss of a competitive edge and the lack of revenue generation is weighing on its shares. One person that sees this as a buying opportunity is acting CEO, Dr Paul MacLeman. According to a change of director's interest notice filed last night, he picked up 30,268 shares through an on-market trade on Monday.
The Bellamy's Australia Ltd (ASX: BAL) share price has dropped almost 3% to $10.89 despite there being no news out of the infant formula company. However, prior to today the Bellamy's share price was up 37% in the space of just one month. I suspect that this could mean that some investors are taking a bit of profit off the table today.
The Eclipx Group Ltd (ASX: ECX) share price is down 4% 67.2 cents. The fleet management company's shares rocketed an incredible 25% higher on Wednesday after bargain hunters swooped in following a sudden and sharp decline. It looks as though some of these investors have decided to sell shares today in order to make a quick profit. Despite yesterday's gain, the Eclipx share price has lost two-thirds of its value since the start of the year.
The QANTM Intellectual Property Ltd (ASX: QIP) share price has dropped 3.5% to $1.36 after the ACCC advised that it would not oppose the potential acquisition of Xenith IP Group Ltd (ASX: XIP) by rival intellectual property services company IPH Ltd (ASX: IPH). The competition watchdog advised that most customers it consulted "did not express concerns." QANTM IP is hoping to merge with Xenith IP.
