In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for another day in red. At the time of writing the benchmark index is down 0.1% to 6,181.7 points.
Four shares that have fallen more than most today are listed below. Here’s why they are sinking lower:
The Beadell Resources Ltd (ASX: BDR) share price has dropped almost 6% to 6.5 cents. On Monday the gold miner’s shares surged 21% higher after it announced that it has entered into a scheme implementation deed with US-listed peer Great Panther Silver. Under the terms of the Scheme, Beadell shareholders are to receive 0.0619 common shares of Great Panther for each ordinary share of Beadell. Great Panther shareholders didn’t respond positively to the news and its share price sold off heavily overnight. It finished 10% lower at the close, making the offer less attractive to Beadell shareholders.
The Eden Innovations Ltd (ASX: EDE) share price is down over 6% to 4.5 cents. Eden Innovations’ shares were on fire on Monday and appear to have come under pressure from profit taking today. Its shares rocketed higher after it advised of the first Federal funded highway repair project in the United States to use its EdenCrete product. Management estimates that the job will be worth US$525,000, making it the largest individual contract for EdenCrete to date.
The St Barbara Ltd (ASX: SBM) share price has fallen 4.5% to $3.32. This latest decline means that the gold miner has now lost 20% of its value since this time last month. Investors appear to have been disappointed with its guidance for the year ahead and a weakening gold price.
The Webjet Limited (ASX: WEB) share price has dropped 6% lower to $15.57 despite there being no news out of the online travel agent. However, the majority of Australia’s leading travel shares have tumbled lower today after oil prices surged higher overnight. There may be concerns that increasing fuel costs will hurt consumer confidence and lead to a sharp increase in airfare tickets. While the former could be a problem, I see the latter as a positive for Webjet.
These 3 stocks could be the next big movers in 2020
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
*Returns as of 6/8/2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Webjet 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.
- $10,000 invested in the Appen (ASX:APX) IPO is worth this much today – September 18, 2020 12:06pm
- ASX 200 down 0.1%: Tech shares push higher, AMP (ASX:AMP) sinks lower – September 18, 2020 12:04pm
- Why Mineral Resources, Redbubble, Saracen, & Temple & Webster shares are pushing higher – September 18, 2020 11:29am