In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is just about keeping its head above water and is up slightly to 5,672 points.
Four shares which are acting as a drag on the market today are listed below. Here's why they have dropped lower:
The Auscann Group Holdings Ltd (ASX: AC8) share price is down 3.5% to 53 cents despite there being no news out of the medicinal cannabis company. But with its shares up almost 30% in the last 30 days, I feel today's decline is likely to be the result of profit taking from day traders.
The Boral Limited (ASX: BLD) share price is down almost 4% to $6.58 despite the building materials company posting a 16% increase in net profit after tax to $297 million. Investors may be concerned by the significant increase in net debt to $2.3 billion from $893 million in FY 2016.
The Ramsay Health Care Limited (ASX: RHC) share price has tumbled almost 5% to $68.40 following the release of its full-year results. Although core net profit after tax grew 13% to $543 million, it appears as though the market was expecting a stronger result. I think that the recent share price weakness is a buying opportunity.
The Telstra Corporation Ltd (ASX: TLS) share price has fallen 6.5% to $3.59. Whilst the majority of today's decline is attributable to its shares going ex-dividend, news that the NBN has objected to its plan to monetise a portion of its locked-in recurring NBN receipts appears to have also weighed on its shares.
