The S&P/ASX 200 index has started the week in a positive fashion. In afternoon trade the benchmark index is up 0.6% to 6,888.4 points.
Four shares that have failed to follow the market higher on Monday are listed below. Here’s why they are tumbling lower:
The Creso Pharma Ltd (ASX: CPH) share price has crashed 27.5% lower to 14.5 cents. This morning the struggling cannabis company’s shares returned to trade after being offline for the entirety of November. Creso Pharma was seeking a source of funding for its operations following the collapse of a takeover approach. Creso has raised $5 million through the issue of convertible securities.
The Jumbo Interactive Ltd (ASX: JIN) share price is down 5.5% to $19.39 despite there being no news out of the online lottery ticket seller. Not even a bullish broker note out of Morgan Stanley could stop its shares from sinking lower. After looking at its prospects in the UK market, the broker has reiterated its overweight rating and $24 price target on Jumbo’s shares.
The Senex Energy Ltd (ASX: SXY) share price is down 3% to 33 cents. The energy producer’s shares have come under pressure on Monday after oil prices crashed lower on Friday. Concerns over the trade war, the resignation of Iraq’s prime minister, and the upcoming OPEC+ meeting all weighed on energy prices.
The Zip Co Ltd (ASX: Z1P) share price is down 3.5% to $3.78 after returning from a trading halt. Zip Co’s shares were in a trading halt whilst it undertook an institutional placement. This morning the payments company revealed that it has received firm commitments to raise $60 million before costs. This was $10 million more than previously announced. Management explained that it decided to increase the placement size in response to significant investor demand.
The post Why Creso Pharma, Jumbo, Senex, & Zip Co 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 and recommends Jumbo Interactive Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has recommended Jumbo Interactive Limited. 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