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Why these 4 ASX shares have sunk lower today

sinking

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to make it a third day in a row of declines on Tuesday.  In afternoon trade the benchmark index is down 0.3% to 6,191.5 points.

Four shares that have fallen more than most today are listed below. Here’s they sunk lower:

The Bubs Australia Ltd (ASX: BUB) share price has dropped 5% to 77 cents. The goats milk infant formula company recently raised $40 million at $0.75 per share from professional and sophisticated investors. These funds will be used to provide working capital and funding to support its China growth momentum following QianJiaWanPu, New Times Asia and Alibaba agreements.

The Clean TeQ Holdings Limited (ASX: CLQ) share price has fallen a further 10.5% to 84 cents a day after the release of its definitive feasibility study at its Sunrise operation. Despite that study revealing that the operation has a post-tax net present value of approximately US$1.4 billion and an internal rate of return of 19.1%, investors appear to have been expecting more from the cobalt, nickel and scandium resource.

The Hub24 Ltd (ASX: HUB) share price is down over 4% to $12.64 after the fintech star released a trading update last night. Although management expects its platform segment to deliver underlying EBITDA growth of 131% to $11.8 million in FY 2018, some investors appear to have been expecting even stronger growth. I thought the update was a strong one and makes it well worth taking a closer look once the dust settles.

The WiseTech Global Ltd (ASX: WTC) share price has dropped over 3.5% to $16.52. This decline appears to be connected to U.S. tech shares plunging lower overnight as U.S. and European markets were sold off. Considering the sky high multiples that WiseTech’s shares trade on, it was always likely to be dragged lower if tech shares came under pressure. The Australian tech sector is down 1.2% on Tuesday.

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Returns As of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of WiseTech Global. 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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