The S&P/ASX 200 index looks set to finish the day in the red on Thursday. In afternoon trade the benchmark index is 0.15% lower at 6,840.4 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 11% lower to 24 cents. This appears to have been driven by profit taking from traders after some stellar gains this week. Prior to today, the cannabis company’s shares were up around 50% since the start of the week. The catalyst for this was news that it has completed manufacturing and testing of the hard-shell capsules and released them for clinical evaluation.
The Appen Ltd (ASX: APX) share price has fallen 3.5% to $23.26 despite there being no news out of the language technology company. This latest decline means that Appen’s shares are down almost 12% since this time last month. It also means its shares are now back to where they were trading prior to its profit guidance upgrade in November.
The Beach Energy Ltd (ASX: BPT) share price is down a sizeable 5% to $2.55. This morning the energy producer revealed that it has reached an agreement with OMV GSB Limited to acquire a 30% participating interest in exploration permit PEP50119 in the Great South Basin, offshore New Zealand. The estimated capital exposure is approximately $25 million net to Beach.
The Strike Energy Ltd (ASX: STX) share price has dropped almost 5% to 20 cents. This is despite Strike Energy being the subject of a positive broker note this morning. According to a note out of Credit Suisse, its analysts have initiated coverage on the gas producer with an outperform rating and 28 cents price target. It sees a lot of potential in its West Erregulla asset.
The post Why AusCann, Appen, Beach, & Strike Energy are sinking lower appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Appen 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.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019