The S&P/ASX 200 has swung from showing a loss this morning to a 0.5% gain this afternoon as bargain hunters move into the local market believing some shares have been oversold.
In fact, growth stocks the likes of Treasury Wine Estates Ltd (ASX: TWE) have gone from printing losses this morning to handy gains in the afternoon as volatility returns to markets on the back of rising trade tensions and concerns over rising interest rates in the US.
Some shares are firmly in the red today though on the back of tough operating updates.
Let's take a look at what might be behind the moves of some of today's big fallers.
The Lovisa Holdings Ltd (ASX: LOV) share price has tumbled 20% today after the budget jeweller warned that comparable store sales over the start of financial year 2019 were down 0.9%. This is well below the targeted range of 3%-5% and what investors have grown used to historically. Lovisa flagged that the important Spring Racing and Christmas trading seasons still offered the group the chance to improve on its disappointing start to the fiscal year.
The BWX Ltd (ASX: BWX) share price is down 8% to $2.57 today after shedding around 15% yesterday after the group warned its total EBITDA in financial year 2019 may not be as strong as expected.
The group behind Sukin natural beauty products now expects FY 2019 EBITDA to be broadly in line with the $40.3 million delivered in FY 2018. Of more cause for concern for investors is that it expects 70% of that EBITDA to be earned over the six-month period ending June 30, 2019.
The ResApp Health Ltd (ASX: RAP) share price has collapsed in half today (down 52% to 11.5 cents per share) after the group reported the results for its latest clinical trials investigating the ability of its smartphone app to diagnose various respiratory diseases in patients. Judging by the market's reaction it seems ResApp has delivered a less-than-impressive clinical trial once again.
Northern Star Resources Ltd (ASX: NST) is one of a number of ASX gold miners in reverse today as a risk-on appetite returns to share markets. Gold is seen as a safe haven investment when markets are falling and Northern Star's falling share price today is probably sentiment driven.
