It has been a disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 0.4% to 6,249.6 points due largely to heavy declines in the resources sector.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Accent Group Ltd (ASX: AX1) share price has fallen over 3.5% to $1.46. The footwear retailer's shares appear to have come under pressure ahead of the release of 36 million shares from escrow on August 4. These shares were issued to owners of Hype DC when Accent acquired it two years ago. Investors may expect some of these shares to be sold once they are able to be.
The AVZ Minerals Ltd (ASX: AVZ) share price has tumbled 7% to 13 cents despite the mineral exploration company revealing that it is sitting atop the world's largest lithium deposit. There could be concerns that AVZ Minerals may never be able to benefit fully from the monster deposit due to the potential costs involved in getting its product to customers from Manono in the Democratic Republic of the Congo
The Bubs Australia Ltd (ASX: BUB) share price has fallen once again, this time by almost 4.5% to 67.5 cents. The goat milk infant formula company's shares have come under pressure this week following the release of a fourth quarter update which revealed an acceleration in its cash burn.
The Rio Tinto Limited (ASX: RIO) share price is down almost 5% to $77.79 following the release of its half-year results. Although the mining giant reported underlying earnings growth of 12% to US$4.4 billion, this was below the market's expectations due to higher costs. In addition to this, President Trump threatened to increase tariffs on Chinese good overnight, leading to concerns that the trade war could intensify. If things don't escalate, I would be a buyer of Rio Tinto's shares on this decline.
