In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has pushed notably higher again and is up 0.3% to 6,148 points.
Four shares that have been unable to follow the market higher today are listed below. Here's why they have dropped lower:
The Creso Pharma Ltd (ASX: CPH) share price has tumbled almost 8% to $1.11 despite there being no news out of the pot stock. But considering the strong gains that the industry has made in recent days, I suspect profit-taking has started. I can't help but feel that there's a good chance that other pot stocks will follow suit.
The Northern Star Resources Ltd (ASX: NST) share price is down 2.5% to $6.00. Today's decline is likely to be related to a slight decline in the gold price overnight after the U.S. dollar strengthened. The spot gold price is currently fetching US$1,318 an ounce. As I expect the U.S. dollar to strengthen as U.S. rates rise, I believe the gold price could continue to weaken as the year progresses.
The PAS Group Ltd (ASX: PGR) share price is 2.5% lower to 40 cents after the retail group released a trading update. According to the release, management advised that subdued consumer sentiment, industry wide traffic headwinds, and an elevated promotional environment have continued to way on its performance. As a result, like-for-like sales from its Review and Black Pepper brands are lower year-on-year.
The Sigma Healthcare Ltd (ASX: SIG) share price has continued its decline, falling 4.5% to 94 cents. Although there was no news out of the company, investors have been heading to the exits for some time due to the pharmacy chain operator and distributor's deteriorating performance. I think investors ought to stay away from Sigma despite how cheap it may look.
