After a strong start to the day the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its gains and sunk notably lower in afternoon trade. At the time of writing the index is down over 0.3% to 6,264.8 points.
Four shares which have fallen more than most today are listed below. Here’s why they have sunk lower:
The Amaysim Australia Ltd (ASX: AYS) share price is down over 11% to 90.5 cents after the junior telco company advised that its energy business has been hit with ACCC proceedings. According to the release, Amaysim Energy, formerly known as Click Energy, is being targeted in relation to discounts and savings of energy products that the ACCC considers to have contravened the false or misleading conduct provisions of the Australian Consumer Law.
The BWX Ltd (ASX: BWX) share price has dropped 2.5% to $5.53 after it confirmed that legal proceedings have been filed against it by Waterloo Capital Partners (WCP) in the Supreme Court of the State of New York. WCP’s claim alleges that it is owed a success fee relating to BWX’s acquisitions of the Mineral Fusions business and the Andalou Naturals business in 2017. WCP is also claiming payment of material damages from BWX.
The Metcash Limited (ASX: MTS) share price has fallen 3.5% to $2.53. Today’s decline is almost entirely attributable to the wholesale distributor’s shares going ex-dividend for its final dividend of 7 cents per share. This will now be paid to eligible shareholders on August 8.
The NEXTDC Ltd (ASX: NXT) share price has tumbled 3.5% to $7.10 after the data centre operator was the subject of a bearish broker note out of Deutsche Bank. According to the note, the broker has downgraded its shares to a sell rating with a $6.50 price target. Deutsche believes the market is overlooking the significant risks associated with the company’s expansion.
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Motley Fool contributor James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia owns shares of and has recommended BWX 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.