The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its disappointing run and has dropped notably lower again on Thursday. In afternoon trade the benchmark index is down a further 1% to 6,168.2 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has dropped over 5.5% to $15.78 despite there being no news out of the fintech star. I suspect that today's decline is a case of profit taking after U.S. tech shares fell heavily overnight. Many of Afterpay Touch's industry peers are also deep in the red today.
The Freedom Insurance Group Ltd (ASX: FIG) share price has plunged a further 10% to 17.5 cents after the embattled insurance company announced the launch of a review of strategic options. The commencement of this review follows consideration of a report released by ASIC last week regarding direct life insurance sales and an initial discussion with ASIC regarding that review. It looks to me as though its business model may need to be overhauled to satisfy the regulator.
The Lynas Corporation Ltd (ASX: LYC) share price is down 7.5% to $1.90 following the release of its full year results. Although the company posted a 45% increase in revenue to $374.1 million and swung from a loss to a net profit after tax of $53.1 million, it seems some investors were expecting even more.
The Sigma Healthcare Ltd (ASX: SIG) share price has tumbled 8% lower to 55.5 cents after announcing its half year results. In the first half of FY 2018 Sigma saw revenue fall 2% to $1,960 million and reported NPAT drop 50.6% to $13.8 million. Although it expects a stronger second half, its short-term future looks set to remain reasonably gloomy. Profits are expected to decline significantly in FY 2020 when a key supply contract finishes. I would suggest investors stay clear of Sigma.
