It has been another disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index has dropped almost 0.2% to 6,013.9 points.
Four shares that have fallen more than most today are listed below. Here's why they have sunk lower:
The Atlas Iron Limited (ASX: AGO) share price has fallen 16% to 3.7 cents after the iron ore miner released a North West Infrastructure (NWI) update. According to the release, NWI has received notice from the office of the Minister for Transport, Planning and Lands that implies that it does not have a priority right to develop Stanley Point Berths 3 and 4 in the Port of Port Hedland, Western Australia. Atlas is a founding member of the NWI and this news will be a bitter blow for its ambitions.
The Challenger Ltd (ASX: CGF) share price is down over 3% to $12.28. Today's decline is likely to be attributable to a broker note out of Morgan Stanley this morning which revealed that its analysts have retained their underweight rating and $11.00 price target on the annuities company's shares. The broker expects that Challenger's decision to move its life investment portfolio away from property and into fixed income will result in softer margins.
The Primary Health Care Limited (ASX: PRY) share price has sunk 9% lower to $3.51 after the healthcare company was the subject of a negative broker note out of UBS. Due largely to a change of analyst, the broker has downgraded Primary Health Care's shares all the way down from a buy rating to a sell rating. UBS has also slashed the price target on its shares to $3.50 from $4.00 on the belief that its shares hadn't priced in the risks to its earnings in FY 2019.
The Wattle Health Australia Ltd (ASX: WHA) share price has tumbled 7.5% to $1.29 after returning to trade from a trading halt today. This morning the infant formula and health food company announced that it has successfully raised $53.9 million to fund its joint venture with Organic Dairy Farmers of Australia. The funds were raised at $1.25 per share.
