In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to post yet another decline. At the time of writing the benchmark index is down 0.5% to 6,145.9 points.
Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:
The AMP Limited (ASX: AMP) share price is down almost 3.5% to $3.12. Investors have been heading to the exits in their droves again after the financial services company was targeted by Slater & Gordon Limited (ASX: SGH) as part of its Get Your Super Back campaign. Although this latest decline means that the AMP share price is trading at a 15-year low now, I would suggest investors stay clear no matter how cheap its shares may appear.
The Freedom Insurance Group Ltd (ASX: FIG) share price has continued its decline and is down a further 4% to 11.5 cents. This morning the embattled insurance seller advised that later this month it will cease outbound sales of Term Life (death and terminal illness) and Trauma insurance, along with the previously announced suspension of marketing of Loan Protection Cover. I’m not sure how Freedom will be able to turn things around after the Royal Commission and would urge investors to avoid it at all costs.
The G8 Education Ltd (ASX: GEM) share price has dropped 5% lower to $1.94. This morning the struggling childcare operator’s shares went ex-dividend for its final 4.5 cents per share dividend. With its shares down significantly more than this, I suspect some investors stuck around to receive the dividend before abandoning its shares.
The Woolworths Group Ltd (ASX: WOW) share price has fallen almost 3.5% to $27.49. Like G8 Education, part of the retail conglomerate’s share price decline can be attributed to its shares going ex-dividend this morning. Eligible Woolies shareholders can now look forward to receiving this 60 cents per share final dividend in their nominated accounts on October 12.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.