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Why these 4 ASX shares are sinking lower today

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The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and in afternoon trade is down 0.1% to 5,915 points.

Four shares that have fallen more than most today are listed below. Here’s why they are sinking lower on Thursday:

The Bank of Queensland Limited (ASX: BOQ) share price has fallen 4.5% to $10.04. While some of this decline can be attributed to weakness in bank shares on Thursday, the majority of it is attributable to its shares going ex-dividend this morning for its interim 38 cents per share fully franked dividend. Eligible shareholders can now look forward to receiving this pay out on May 17.

The Blackmores Limited (ASX: BKL) share price has dropped 3% to $118.10 after brokers gave its recent quarterly update a lukewarm response. According to Credit Suisse, Blackmores’ performance in the China market was disappointing. As such, the broker is unlikely to budge from its neutral rating and $130 price target any time soon unless there are signs that its growth in the China market is accelerating.

The Clearview Wealth Ltd (ASX: CVW) share price has plunged 14% to $1.12 after the fintech company advised that its agreement with Sony Life has been terminated. The company announced a Cooperation Agreement between the two parties all the way back in January of 2017, but no offer was ever received from Sony Life Insurance to take the agreement further. The Japan-based company remains a major shareholder in Clearview.

The Westpac Banking Corp (ASX: WBC) share price has tumbled almost 4% to $28.10 after UBS downgraded its shares from neutral to a sell rating with a $26.50 price target. According to the note, the broker is concerned about the quality of the bank’s mortgage book after reviewing recent data made available via the Royal Commission. As a shareholder I must admit to being alarmed at this latest development.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Blackmores 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.

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