It has been a mixed start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). After a solid start the benchmark index has faded in afternoon trade and is flat at 5,982 points.
Four shares which have acted as a drag on proceedings are listed below. Here's why they have started the week in the red:
The Aconex Ltd (ASX: ACX) share price has tumbled 4% to $5.25. Last week the software-as-a-service company's shares rose almost 13% on the back of no material news. I suspect that today's decline is down to traders taking profit.
The Auscann Group Holdings Ltd (ASX: AC8) share price is down almost 7% to 78 cents despite there being no news out of the medicinal cannabis company. But with its shares up sharply in recent weeks, today's decline could be a spot of profit taking.
The Artemis Resources Ltd (ASX: ARV) share price has fallen 20% to 30.5 cents after investors became concerned with the quality of its Purdy's Reward project. The shares of its Canadian joint venture partner Novo Resources fell sharply on Friday after stating that it was uncomfortable with the current drilling being undertaken as a means of grade estimation.
The South32 Ltd (ASX: S32) share price is down 3% to $3.31 after a research note out of Ord Minnett revealed that its analysts have downgraded the miner's shares to a hold rating. The broker made the move in response to recent share price gains, believing its shares are fully valued now.
