The S&P/ASX 200 index has built on yesterday's solid gain and is pushing higher in afternoon trade. At the time of writing the benchmark index is up 0.3% to 6,195.7 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 Argosy Minerals Limited (ASX: AGY) share price has crashed 28% lower to 11.5 cents. Today's decline appears to be down to profit taking after the lithium miner's shares rocketed over 60% higher on Thursday. The catalyst for that gain was news that the company has executed a sales agreement with Mitsubishi RtM. This agreement covers a preliminary arrangement for Argosy's initial supply of lithium carbonate product from its Rincon Lithium Project in Argentina.
The Jumbo Interactive Ltd (ASX: JIN) share price has tumbled 7% lower to $12.45 despite there being no news out of the lottery ticket seller. However, with its shares up over 200% since this time last year, I wouldn't be surprised if some investors are taking a bit of profit off the table today.
The Newcrest Mining Limited (ASX: NCM) share price has tumbled 2.5% to $25.35 after the spot gold price dropped below the key US$1,300 an ounce level. The price of the precious metal came under pressure due to a firm U.S. dollar and stronger equity markets. At the time of writing the S&P/ASX All Ords Gold index is down a sizeable 2.8%.
The Praemium Ltd (ASX: PPS) share price has fallen 2.5% to 58.5 cents. The Praemium share price was a strong performer on Thursday after the investment platform provider announced a major expansion in its relationship with Morgan Stanley Wealth Management Australia. The new agreement will see a further 2,500 portfolios with international assets added to its Virtual Managed Account reporting solution. I suspect profit taking could be weighing on its shares today.
