The S&P/ASX 200 index has given back yesterday’s gains and dropped sharply lower. The benchmark index is down 1.3% to 6,725 points in afternoon trade.
Four shares that have fallen more than most are listed below. Here’s why they are tumbling lower:
The Appen Ltd (ASX: APX) share price is down 5% to $24.99. This decline may have been triggered by a spot of profit taking and a broker note out of Bell Potter. According to the note, the broker has downgraded its shares from a buy rating to hold with a price target of $28.00. It believes that most of Appen’s growth has now been built into its share price.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is down over 10% to $3.04. This morning the gold miner’s shares returned from their trading halt after completing its institutional entitlement offer and placement. Saracen successfully raised $701 million from institutional investors at a discount of $2.95 per share. The proceeds will be used to partly fund the 50% acquisition of the Super Pit.
The Volpara Health Technologies Ltd (ASX: VHT) share price has tumbled 5% lower to $1.99 following the release of its first half results. At the end of the half, the healthcare technology company’s annual recurring revenue (ARR) reached NZ$15.7 million. This was up 227% on the NZ$4.8 million reported a year earlier. Investors may be disappointed that management only believes it is on track to meet its mid-range forecast for ARR of NZ$17.1 million for the full year.
The Westpac Banking Corp (ASX: WBC) share price has dropped almost 3% lower to $25.79. The banking giant’s shares have come under pressure after acknowledging civil proceedings by AUSTRAC. This is in relation to alleged contraventions of its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.
The post Why Appen, Saracen, Volpara, & Westpac shares are tumbling lower appeared first on Motley Fool Australia.
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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of VOLPARA FPO NZ. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended VOLPARA FPO NZ. 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