The S&P / ASX200 (ASX: XJO) is up 0.7% in lunchtime trade today on the back of a strong finish to trade on Wall Street overnight as investors position themselves ahead of important jobs data in the US tonight that may impact the pace of the US Fed’s rate hiking cycle.
However, there are a few shares falling fast in the wrong direction today for differing reasons. So let’s take a look at what might be sending them lower.
The IOOF (ASX: IFL) share price is down 33% to $4.77 today on the shock news that the prudential regulator APRA has initiated legal proceedings to have its CEO, chairman, CFO and Company Secretary disqualified from working at superannuation businesses regulated by APRA. IOOF insists it intends to vigorously defend the allegations. IOOF is also in the process of buying Australia & New Zealand Bank’s (ASX: ANZ) OnePath financial planning business, with ANZ executives announcing that they were concerned about the news today.
The Janus Henderson Group (ASX: JHG) share price is down 5.3% to a record low of $29 today despite the international equities and fixed income or bonds manager releasing no news to the market. Janus Henderson has some significant exposure to European and British equities, which are exposed to a potential slowdown if the UK cannot agree a Brexit deal with the EU. Global equities have also been on a significant downturn recently which is not helping the Janus Henderson share price.
The G8 Education Ltd (ASX: GEM) share price is down 1.4% today despite the child care aggregator releasing no specific news to the market. G8’s share price fell over most of 2018 after the group warned that occupancy rates had been lower-than-expected for various reasons. However, in November 2018 it told investors that occupancy growth was now slightly ahead of management expectations.
The Fastbrick Robotics Ltd (ASX: FBR) share price is down 7.4% to 12.5 cents today as its valuation continues to fall after the group admitted that construction giant Caterpillar Inc. would no longer work in partnership with it under the terms of a memorandum of understanding. Caterpillar will also sell its 2.13% shareholding in Fastbrick. The robot-powered bricklayer is yet to generate any revenue and looks speculative.
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Scott recently revealed what he believes are the five best ASX stocks for investors to buy right now… and IOOF wasn’t one of them! That’s right — he thinks these 5 stocks are even better buys.
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Motley Fool contributor Yulia Mosaleva 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.