It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down almost 0.9% to 6,231.4 points.
Four shares that have fallen more than most today are listed below. Here’s why they are starting the week in the red:
The Coca-Cola Amatil Ltd (ASX: CCL) share price has fallen over 2% to $9.34. Today’s decline is likely to be related to a broker note out of the Macquarie equities desk. That note revealed that its analysts have downgraded the company’s shares all the way down to an underperform rating from outperform with a reduced price target of $8.87. The broker has made the move on valuation grounds and concerns that its Indonesian business could be a short-term drag on its earnings.
The Netwealth Group Ltd (ASX: NWL) share price has tumbled almost 10% to $8.74 despite there being no news out of the financial services platform provider. A number of top fintech shares have sunk lower today, possibly due to profit taking after some stellar gains over the last few weeks. Despite today’s decline its shares are up 25% over the last three months.
The Nufarm Limited (ASX: NUF) share price has plunged over 9% lower to $7.62 following the release of a trading update. According to today’s release, the current extended dry weather conditions in Australia have significantly impacted its ANZ business. As a result, management expects the segment to achieve EBIT of between $5 million and $10 million in FY 2018. Last year the segment generated EBIT of $51.6 million.
The Western Areas Ltd (ASX: WSA) share price has dropped almost 3% to $3.23 after the release of its quarterly update. Although Western Areas achieved its strongest quarter of cash flow generation, leading to its cash balance increasing by $15.9 million to $151.6 million, it appears some shareholders were expecting an even stronger quarter following increases in nickel prices.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Coca-Cola Amatil 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.