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Why BetMakers, Cann, Orocobre, & OZ Minerals are dropping lower

James Mickleboro
share price down

In afternoon trade the S&P/ASX 200 index is on course to end the week in the red. At the time of writing the benchmark index is down 0.6% to 7,009.1 points.

Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:

The BetMakers Technology Group Ltd (ASX: BET) share price has tumbled 9% lower to 35.5 cents. This may be down to profit taking after an exceptionally strong gain earlier this week. Investors were scrambling to buy the racing data and analytics supplier’s shares after it announced an agreement with the operator of the Monmouth Park racetrack in New Jersey. The agreement will see BetMakers deliver and manage Fixed Odds horse racing into New Jersey along with exclusive distribution of Monmouth Park racing content.

The Cann Group Ltd (ASX: CAN) share price is down 6% to $1.22. This morning the cannabis company revealed that it has successfully completed the issue of convertible notes to raise $8 million. These funds will be used for working capital requirements. According to the release, the convertible notes are fully paid, unsecured, subordinated, and convertible on or before February 10 2022 at 70 cents per share or lower depending on capital raises.

The Orocobre Limited (ASX: ORE) share price has fallen 6.5% to $3.45. This appears to be down to profit taking after some strong gains earlier in the week. Investors were buying the lithium miners following news that the UK was bringing forward its ban on the sale of petrol and diesel vehicles in the country to 2035. This gives automakers just 15 years to prepare for a shift to electric vehicles.

The OZ Minerals Limited (ASX: OZL) share price is down 2.5% to $10.10. This morning the company advised that there is speculation around its West Musgrave project. However, management reminded investors that the project is in pre-feasibility which is expected to be supported by a Mineral Resource and Ore Reserve Statement, neither of which are complete. The review and approval of the pre-feasibility and progression of the project to a feasibility study will require consideration by the OZ Minerals board.

The post Why BetMakers, Cann, Orocobre, & OZ Minerals are dropping lower appeared first on Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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. 2020