In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to give back yesterday’s gains. At the time of writing the benchmark index is down over 0.4% to 6,159.6 points.
Four shares that have fallen more than most today are listed below. Here’s why they are sinking like stones:
The Afterpay Touch Group Ltd (ASX: APT) share price has tumbled 6.5% lower to $15.69 despite there being no news out of the fintech star. Almost all of Australia’s leading tech shares have taken a tumble today after heavy declines in the U.S. tech sector overnight. Despite today’s decline Afterpay Touch’s shares are still up a remarkable 266% since this time last year.
The iSentia Group Ltd (ASX: ISD) share price has fallen 4% to 36 cents. The media monitoring company’s shares had risen nearly 19% over the last three trading sessions, so today’s decline is likely to be a case of profit taking from traders. While its shares do look very cheap, I would suggest investors hold off an investment until there is a notable improvement in its performance.
The IVE Group Ltd (ASX: IGL) share price has dropped 4% to $2.17. The majority of this decline is attributable to the printing company’s shares going ex-dividend this morning for its final 7 cents per share dividend. Eligible shareholders can now look forward to receiving this dividend in their nominated accounts on October 25.
The Speedcast International Ltd (ASX: SDA) share price has continued its poor run and is down a further 3.5% to $3.92. The shares of the communications satellite technology specialist have now fallen a massive 18% over the last two weeks or 37% since this time last month. A surprise profit downgrade not long after reaffirming its guidance has been to blame for the selloff. I would suggest investors wait for its next update before considering an investment
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended iSentia Group Ltd. 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.