In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has tumbled lower due partly to heavy declines in the materials sector. At the time of writing the index is down over 0.8% to 6,240.8 points.
Four shares that have fallen more than most today are listed below. Here's why they have dropped lower:
The AVZ Minerals Ltd (ASX: AVZ) share price has fallen almost 6% to 9.9 cents despite the release of positive drilling results from its Manono project. Investors appear to be disappointed with delays to its scoping study. This study should reveal whether or not the lithium-focused mineral exploration company's project is viable. There are a lot of doubts around the project due to its significant distance from ports and the DRC's poor infrastructure.
The Mayne Pharma Group Ltd (ASX: MYX) share price has tumbled over 5% to $1.15 despite there being no news out of the pharmaceutical company. I suspect that today's decline is further profit taking from investors after a strong share price rise over the last month. When the dust settles I feel this could potentially be a buying opportunity for investors.
The PMP Limited (ASX: PMP) share price has plunged 18% lower to 16 cents. The commercial printing company's shares have come under significant pressure this year after another disastrous performance. While PMP narrowed its loss from $124.5 million in FY 2017 to $44.9 million in FY 2018, management expects another tough year ahead due to lower print volumes in newspapers and magazines.
The Pro-Pac Packaging Limited (ASX: PPG) share price has dropped 10.5% to 21 cents despite there being no news out of the packaging company. But like PMP, Pro-Pac Packaging had a very disappointing FY 2018 and investor sentiment remains overwhelmingly negative. It posted a 32% decline net profit after tax to $3.7 million due to a combination of higher costs and weaker demand. While management expects its performance to improve in FY 2019, not all shareholders appear willing to stick around to find out if that is the case.
