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Why BlueScope, Northern Star, Pro Medicus, & Syrah shares dropped lower today

The S&P/ASX 200 index has given back its morning gains and is just a fraction higher this afternoon. At the time of writing the benchmark index is up a couple of points to 6,656 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 BlueScope Steel Limited (ASX: BSL) share price has dropped 2% lower to $19.95. The catalyst for this decline may be a broker note out of Ord Minnett on Thursday. According to the note, the broker has downgraded the steel producer’s shares to a hold rating with a $14.00 price target. It made the move largely on valuation grounds following a strong share price rise.

The Northern Star Resources Ltd (ASX: NST) share price is down 4.5% to $10.17. Investors have been selling Northern Star and the rest of the gold miners after the gold price dropped lower following news that President Trump would consider an interim trade deal with China. The S&P/ASX All Ords Gold index is down a disappointing 3% this afternoon.

The Pro Medicus Limited (ASX: PME) share price is down around 4% to $28.55 despite there being no news out of the healthcare technology company. However, Pro Medicus’ shares have been quite volatile recently after announcing that two of its founders had sold over $36 million worth of shares each this month. Its shares are now 20% lower than the price that these shares were sold at.

The Syrah Resources Ltd (ASX: SYR) share price has tumbled 7% to 51 cents. Investors have been selling off the graphite producer’s shares this week after it made a material downgrade to its production plans due to a collapse in the price of the battery making ingredient. Management intends to provide a further update on its future production plans at next month’s update.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus 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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