The S&P/ASX 200 index is on course to record another sizeable decline on Wednesday. In afternoon trade the benchmark index is down 1.5% to 6,609.6 points.
Four shares that have fallen more than most today are listed below. Here’s why they are tumbling lower:
The Afterpay Limited (ASX: APT) share price is down 5% to $28.97. This is despite there being no news out of the payments company. This decline appears to be down to the trade war concerns that are weighing on the share market. Afterpay isn’t the only tech share tumbling lower. The S&P/ASX 200 Info Tech index is down almost 1.7% in afternoon trade.
The Austal Limited (ASX: ASB) share price is down 5.5% to $3.86 despite there being no news out of the company today. Investors may be concerned that an escalation of the trade war could result in weaker demand for the shipbuilder’s services in the coming years. In addition to this, profit taking could be weighing on its shares. Prior to today, Austal’s shares were up a massive 114% year-to-date.
The Orocobre Limited (ASX: ORE) share price has fallen 4.5% to $2.31. This morning analysts at Ord Minnett responded to Orocobre’s lithium pricing update by retaining its hold rating and reducing its price target on its shares to $2.25. On Tuesday Orocobre revealed further declines in lithium prices. The company forecast lithium carbonate pricing for the December quarter of US$5,400 per tonne, down from US$7,111 per tonne in the previous quarter.
The Strike Energy Ltd (ASX: STX) share price has fallen almost 6% to 16 cents. This morning the gas producer revealed that it raised over $30 million through its share placement and share purchase plan. This means that Strike Energy is fully funded to deliver its planned exploration, appraisal, and development activities during 2020.
The post Why Afterpay, Austal, Orocobre, & Strike Energy shares are tumbling lower appeared first on Motley Fool Australia.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019