Why these 4 ASX shares are sinking lower today
In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of yesterday’s gains and is down over 0.3% to 5,837.19 points.
Four shares that have fallen more than most today are listed below. Here’s why they have sunk lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has tumbled 4% lower to $5.70 following the release of its quarterly update. According to the release, during the third-quarter Afterpay Touch generated underlying sales of $530 million, up from $145 million a year earlier. While this was a 265% increase on the prior corresponding period, it was a 3% decline on the second-quarter. Whereas this time last year Afterpay Touch grew sales by 41% on the second-quarter.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has fallen 5% to $5.32. The embattled investment company’s shares have come under more selling pressure today despite denying speculation that its Wild Breads private equity business has appointed insolvency advisers. According to the release, advisers have actually been appointment to evaluate its business strategy, growth plans, and capital structure requirements, including reviewing potential acquisitions.
The Navitas Limited (ASX: NVT) share price has continued its decline and is down 4.5% to $4.42. Today’s decline is likely to be attributable to a note out of Credit Suisse this morning which revealed that its analysts have retained their underperform rating and $4.00 price target. The broker appears to have been left disappointed by Navitas’ recent update and its slower than expected growth in the first semester.
The Pushpay Holdings Ltd (ASX: PPH) share price has dropped almost 5% to $3.94 following the release of the donor management system provider’s quarterly update. Investors may be concerned that although Pushpay delivered a 46.8% increase in annualised committed monthly revenue (ACMR) to US$86.4 million, the increase in ACMR was only US$27.6 million compared to US$36 million a year earlier. Despite this little blip I think Pushpay could have a bright future ahead of it and a massive market opportunity.
Breaking news: ASX companies set to raise dividends!
It's been a nail-biter of a reporting season here in the first half of 2018.
But the real action, in my opinion, is what companies are doing with dividends.
What does this mean for you? Well there is one stock I've found that could very well turn out to be THE best buy of 2018. And while there's no such thing as a 'sure thing' when it comes to investing - this ripper might come as close as I've ever seen.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and PUSHPAY FPO NZX. 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.