The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a disappointing start to the week and failed to follow international markets higher. In afternoon trade the benchmark index is down almost 0.5% to 6,239.8 points.
Four shares that have fallen more than most today are listed below. Here’s why they have started the week in the red:
The Accent Group Ltd (ASX: AX1) share price has crashed almost 15% lower to $1.37 after the retailer advised that 36.8 million shares issued to shareholders of Hype DC Pty Ltd will be released from escrow on August 4. Some shareholders appear to be concerned that these escrowed shares will be sold off immediately and are jumping the gun. I think the selloff has been an overreaction and has potentially created a buying opportunity. Incidentally, HYPE DC shareholders received their shares at an issue price of $1.42 per share.
The Praemium Ltd (ASX: PPS) share price has tumbled almost 8% to 96 cents. This decline appears to be a case of profit taking after the fintech company’s shares rocketed higher last week following the release of its latest funds under administration (FUA) update. Record annual inflows means that FUA have now exceeded $8 billion.
The Rural Funds Group (ASX: RFF) share price has dropped almost 4% to $2.02. I suspect that this decline is related to its institutional offer and related 3 for 10 accelerated pro rata non-renounceable entitlement offer at a discount of $1.95 per unit. Rural Funds aims to raise $149.5 million to fund the acquisition of five Australian feedlots and associated cropping land.
The Yojee Ltd (ASX: YOJ) share price has sunk almost 8% lower to 12 cents after the logistics platform provider completed its $8 million share placement. The funds raised, at 10 cents per share, will be used to build out Asia-Pacific marketplaces, advance leadership in smart logistics optimisation technologies, expand geographical sales presence, and fast-track customer adoption.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended RURALFUNDS STAPLED. 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.