In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has tumbled 0.9% to 5,910 points after it emerged that President Trump’s economic adviser, Gary Cohn, is leaving the White House.
Four shares that have fallen more than most today are listed below. Here’s why they have tumbled lower:
The Digitalx Ltd (ASX: DCC) share price has fallen almost 6% to 24.5 cents. The blockchain technology company’s shares tend to rise and fall with the cryptocurrency market due to its sizeable crypto holding. Overnight the crypto market tumbled sharply amid concerns that lower trading volumes could mean that the boom is over. I would suggest investors stay clear of DigitalX for the time being.
The Livetiles Ltd (ASX: LVT) share price has tumbled almost 8% to 41 cents. I suspect that investors may be continuing to take profit after the software-as-a-service company’s shares rocketed higher over the last three months. LiveTiles caught the eye in recent months after it announced a series of positive agreements related to the lucrative artificial intelligence market.
The Monadelphous Group Limited (ASX: MND) share price has fallen a sizeable 7.5% to $14.53. This morning the engineering company’s shares went ex-dividend for its 30 cents per share interim dividend. Considering the size of today’s decline is much greater than its dividend, I suspect some shareholders had been waiting for its shares to go ex-dividend before heading to the exits.
The Platinum Asset Management Limited (ASX: PTM) share price is down 4.5% to $5.93 despite there being no news out of the fund manager. Its shares have come under significant pressure since Kerr Neilson announced that he would be stepping down as Platinum’s leader. Whilst I’m not a buyer of its shares, it could be worthy of a closer look after its sharp decline over the last couple of weeks.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Platinum Investment Management 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.