The S&P/ASX 200 index is on course to finish the week with a decline. In afternoon trade the benchmark index is down 0.3% to 6,647.4 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 Bubs Australia Ltd (ASX: BUB) share price has fallen over 4% to $1.17. This decline appears to be down to profit taking from some investors following a massive 32% gain on Thursday. Investors were scrambling to get hold of the baby food and infant formula company’s shares yesterday after it announced a strategic channel partnership with Kidswant. This deal is the first major project of the Bubs-Beingmate Joint Venture and sees the company’s baby food products hit the shelves of 275 Kidswant stores in key shopping areas across 123 cities throughout China.
The Growthpoint Properties Australia Ltd (ASX: GOZ) share price has fallen 4% to $4.09. This morning the property company announced the successful completion of its $150 million institutional placement. Growthpoint raised the funds at $3.97 per share. It will use the proceeds to position itself to continue delivering on its strategy of making well-leased, well-located acquisitions in the office and industrial sectors.
The OceanaGold Corp (ASX: OGC) share price has sunk 6% lower to $4.00 despite refuting claims that its Didipio operation in the Philippines had been suspended. According to the release, the company advised that these reports are untrue and the Didipio mine continues to operate as normal. Though, its continued operation will be dependant on it being granted approval by the government. Its renewal application has been lodged and the company is awaiting a response.
The Rio Tinto Limited (ASX: RIO) share price has fallen 2.5% to $103.67. This decline appears to have been caused by concerns over its Oyu Tolgoi copper mine expansion. According to the AFR, the Mongolia government may not honour a 2015 agreement that supports a US$5.3 billion expansion of the copper mine.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BUBS AUST FPO. 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.