Why these 4 ASX shares got smashed today

Aconex Ltd (ASX:ACX) and three other shares finished the week with a disappointing drop. Here's why they dropped…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In a stunning late turnaround the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) reversed its declines and finished the day marginally higher by 0.1% to 5,562 points.

It wasn't good news all round though unfortunately. Four shares that were acting as a drag on the market today are as follows:

Aconex Ltd (ASX: ACX) shares dropped over 4% to $8.02 after releasing a few details about its full year results to the market. When the market darling announced it would report its full year results on August 23, it also mentioned that its fourth quarter performance was consistent with expectations. Whilst this is normally positive news, I believe the market had been anticipating a performance that exceeded expectations.

Aconex's share price has rocketed higher by 54% this year.

Admedus Ltd (ASX: AHZ) shares dropped almost 17% to 37.5 cents after announcing its capital raising plans just 16 months after its last raise. The company stated that the capital raising will be used to fund the company's ongoing operations, including a ramp up of manufacturing and new product development. This capital raising clearly hasn't gone down well with investors, leading many to head for the exits.

Admedus Ltd's share price is now down over 45% this year.

MG Unit Trust (ASX: MGC) shares dropped over 8% to $1.14 after announcing the loss of a key supply contract with Woolworths. The contract was worth over $100 million in annual sales to Murray Goulburn. Management has tried to reassure shareholders by stating that it plans to adjust future manufacturing planning to redirect this capacity to other markets. But so far it appears to have failed to convince shareholders that this plan will be successful.

MG Unit Trust's share price has lost over half of its value this year.

Yellow Brick Road Holdings Ltd (ASX: YBR) shares fell around 5% to 19.5 cents after the wealth management company reported its fourth quarter results. Although by no means a bad performance, the results reveal that the company is falling a long way behind its 2020 mortgage book target of $100 billion. Currently the company's mortgage book stands at $37.8 billion, after growing an impressive 23% year on year.

Yellow Brick Road shares are down by around 30% in 2016.

Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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 Bruce Jackson.

More on ⏸️ Investing

A white and black robot in the form of a human being stands in front of a green graphic holding a laptop and discussing robotics and automation ASX shares
Technology Shares

Joining the revolution: How I'd invest in ASX AI shares right now

Advances in artificial intelligence (AI) could usher in a new industrial revolution. Here’s how you can invest in it.

Read more »

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »