In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back most of its early gains and is up just 0.1% to 5,727 points.
Four shares which have acted as a drag on the market today are listed below. Here's why they have sunk lower:
The Argosy Minerals Limited (ASX: AGY) share price has fallen almost 12% to 19 cents after the mineral exploration company advised that it has granted Chinese battery materials company Qingdao Qianyun an extension to its due diligence period. Qianyun is in the process of taking a 19.9% stake in the company via a $16.9 million placement. Investors appear to be concerned by the delay.
The Bubs Australia Ltd (ASX: BUB) share price has tumbled close to 4% to 49 cents despite there being no news out of the infant formula company. Its shares have come under pressure recently following a capital raising done at a significant discount to the then share price. I think Bubs is starting to look attractive again and would consider investing at circa 42 cents.
The Evolution Mining Ltd (ASX: EVN) share price is down 2.5% to $2.34 despite a number of positive research notes being released this morning. Citi, UBS, Macquarie, and Credit Suisse all have buy ratings or equivalents on the gold miner's shares following its decision to sell its Edna May asset.
The Mayne Pharma Group Ltd (ASX: MYX) share price has sunk 4% to 69.5 cents. The pharmaceutical company's shares have now given back a significant chunk of the gains made last week. Mayne Pharma's shares are down sharply this year due to concerns over competitive pressures in the U.S. generic drugs market.
