The S&P/ASX 200 index is back on form on Tuesday and storming higher this afternoon. At the time of writing the benchmark index is up 1.1% to 6,808.6 points.
Not all shares have been able to follow the market higher today. Here’s why these ASX shares are dropping lower:
The Cann Group Ltd (ASX: CAN) share price has fallen 4% to 97 cents. This is quite a turnaround for the cannabis company’s shares on Tuesday. At one stage they were up as much as 25% to $1.26 after providing an update on its manufacturing progress. That update revealed that GMP extraction activities are underway for the first batches of medicinal cannabis resin.
The Decmil Group Limited (ASX: DCG) share price has tumbled 6% lower to 52.5 cents despite there being no news out of the services company. This latest decline means its shares have now lost 41% of their value since this time last month. Just before Christmas Decmil downgraded its earnings guidance and announced the resignation of its CFO.
The Northern Star Resources Ltd (ASX: NST) share price has dropped 3% to $11.77. With investors rotating back into risk assets and the market hurtling higher, demand for safe haven assets like the gold miners has softened today. Northern Star isn’t the only gold miner sliding lower. The S&P/ASX All Ords Gold index is down 2.7% this afternoon.
The Reject Shop Ltd (ASX: TRS) share price is down almost 3% to $3.94. This morning the discount retailer responded to an ASX Price Query following a strong rise in its share price over the last three weeks. The company’s shares went from a low of $2.86 to a high of $4.05 over the period of December 18 through to January 6. Reject Shop couldn’t explain the rise but pointed to recent buying by a fund manager.
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