It has been a bitterly disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down almost 1.2% to 6,113.4 points.
Four shares falling more than most today are listed below. Here's why they have started the week in the red:
The Afterpay Touch Group Ltd (ASX: APT) share price is down almost 5% to $16.86. As well as being dragged lower by the market selloff, investors appear concerned by the launch of Square Installments in 22 U.S. states. While the offering is not interest free like the Afterpay service, it is a similar service that could potentially threaten its U.S. expansion.
The Australia and New Zealand Banking Group (ASX: ANZ) share price has dropped over 2.5% to $26.97. This morning the banking giant announced that its full year cash profit will be impacted by additional charges for customer compensation, accelerated amortisation of software, and other notable items. According to the release, charges of $374 million have been recognised in the second half for refunds to customers and related remediation costs.
The InvoCare Limited (ASX: IVC) share price has fallen over 4% to $11.46 after the funerals company provided a disappointing trading update. A mild winter and benign flu season have had an impact on death rates and hit revenue by $17 million. This is the latest in a series of disappointing updates out of InvoCare. Which given its rich valuation, is something it can ill-afford. I would suggest investors stay clear of the company until its performance improves.
The Orocobre Limited (ASX: ORE) share price has tumbled nearly 5% lower to $4.26 despite there being no news out of the lithium miner. However, as many readers will be aware, the lithium miners are amongst the most volatile on the market and prone to wild swings to the upside and downside. Incidentally, Orocobre was named as the most shorted share on the ASX this morning.
