The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) appears to have run out of steam and has sunk 0.2% lower to 6,062 points in afternoon trade.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Auscann Group Holdings Ltd (ASX: AC8) share price has fallen almost 5% to 61 cents despite there being no news out of the pot stock. I suspect that today's decline will be a case of profit taking from day traders following its recent gains.
The AWE Limited (ASX: AWE) share price has fallen 3% to 85.5 cents after its board advised that it recommended shareholders accept the 83 cents per share takeover offer from Mineral Resources Limited (ASX: MIN).
The Base Resources Ltd (ASX: BSE) share price has plunged 16% to 25.5 cents after emerging from a trading halt. This morning the mineral sands company announced the completion of a placement and institutional entitlement offer to raise approximately $100 million at 25.5 cents per share. The proceeds will be used to fund the acquisition of the Toliara Sands Project in Madagascar.
The Pilbara Minerals Ltd (ASX: PLS) share price is down almost 5% to $1.13 after a research note out of Citi revealed that its analysts have downgraded the lithium miner to a sell rating largely on valuation concerns. The broker has a price target of $1.05 on its shares. I would class the lithium miner as a hold rather than a sell.
