In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its early gains and is down a disappointing 0.5% to 6,105 points.
Four shares acting as a drag on the market today are listed below. Here's why they have sunk lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has fallen almost 4% to $6.41. I believe today's decline is likely to be the result of profit taking from traders. After all, the payment solutions company's shares have been on a tear in recent weeks. This drop could be a buying opportunity in my opinion.
The AuMake International (ASX: AU8) share price has crashed 8.5% lower to 48.5 cents following the release of an update relating to its proposed $20 million capital raising at 63 cents per share. Its underwriter Prenzler Group has terminated the underwriting agreement on the back of recent share price volatility. As a result, AuMake will refund all application monies received and withdraw the offer. Instead the daigou company will now attempt to raise $14 million at 45 cents per share.
The Catapult Group International Ltd (ASX: CAT) share price has tumbled 4% to $1.58 after the sports analytics company revealed that co-founders Shaun Holthouse and Igor van de Griendt plan to offload 6 million shares to institutional investors. The pair do, however, still have a significant holding in the company and have no plans for further share sales before the end of FY 2018.
The Newcrest Mining Limited (ASX: NCM) share price is down over 2.5% to $22.58 following a drop in the gold price. Almost all Australian gold miners have sunk lower today after bond yields widened in the United States. I expect yields will continue to widen as the year progresses, weighing heavily on yield-less gold. Because of this I would stay clear of the gold miners now.
