It has been another disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 0.4% to 5,666 points.
Fours shares that have fallen more than most today are listed below. Here’s why they are ending the week in the red:
The Beach Energy Ltd (ASX: BPT) share price is down 3% to 69 cents. Today’s decline could be attributable to news that OPEC has failed to meaningfully reduce its oil exports. According to Reuters, OPEC’s average monthly export volume year-to-date is 25.05 million barrels, compared to the 24.85 million barrels during the prior corresponding period.
The Breville Group Ltd (ASX: BRG) share price is down 3% to $10.56 despite there being no news out of the appliance manufacturer. Today’s decline could be in relation to yesterday’s weak retail sales data. According to the release, sales of household goods in Australia fell 1.7% in July.
The Bubs Australia Ltd (ASX: BUB) share price has fallen almost 8% to 54.5 cents. Investors have been heading to the exits in their droves during the last couple of weeks following the infant formula company’s institutional placement. That placement raised $16 million at 45 cents per share.
The Catapult Group International Ltd (ASX: CAT) share price has continued its poor run and is down almost 4% to a 52-week low of $1.36. A downgrade from Bell Potter this week appears to have investors concerned. Whilst I think Catapult is an exciting company, I’m holding off an investment until it becomes consistently profitable.
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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 Bruce Jackson.