In afternoon trade the S&P/ASX 200 index is on course to finish the week on a very positive note. At the time of writing the benchmark index is up a solid 0.65% to 6,737 points.
Four shares that have failed to follow the market higher today are listed below. Here's why they are ending the week in the red:
The Althea Group Holdings Ltd (ASX: AGH) share price has crashed 18% lower to 43 cents. Investors have been selling the cannabis company's shares after it revealed that cannabis giant and substantial shareholder, Aphria, will offload almost 37 million non-escrowed shares. This is the equivalent of 15.7% of the company's issued capital. Aphria will sell the shares for 40 cents each, which was a ~24% discount to the last close price.
The Australian Pharmaceutical Industries Ltd (ASX: API) share price has tumbled 4.5% to $1.40. The pharmacy chain operator and distributor's shares have come under pressure today after Citi downgraded them to a neutral rating and cut its price target to $1.50. The broker appears to have been underwhelmed by its full year results release on Thursday.
The Cleanaway Waste Management Ltd (ASX: CWY) share price has crashed 13% lower to $1.86. This morning the waste management company released its AGM presentation and warned that its first half profits would be flat on the prior corresponding period. This is due to a combination of lower economic activity, softness in commodity prices, and a reduction in local Queensland volumes. Management expects things to improve in the second half.
The Strike Energy Ltd (ASX: STX) share price has dropped over 10% to 26 cents. This morning the energy company advised that its West Erregulla 2 well test clean-up activities are now complete. A flow rate of approximately 69 million standard cubic feet per day of gas was achieved over a one-hour period. Although the company was very pleased with these results, it appears as though some investors were expecting even more.
