The S&P / ASX 200 (ASX: XJO) staged a late rally to climb 0.4% higher this afternoon with futures also suggesting U.S. markets could deliver another session of small gains overnight.
Let’s take a look at what may be behind some of the big fallers’ moves.
The Myob Group Ltd (ASX: MYO) share price fell 2.6% to $3.37 today despite the desktop and online accounting business releasing no specific news to the market. Tech shares in general have been under selling pressure over the last month and the selling today may be on sentiment around a proposed takeover from private equity group KKR at a cash price of $3.70 per share.
The TPG Telecom Ltd (ASX: TPM) share price plunged 5.7% to $7.17 today despite the mobile and internet services provider releasing no news to the market.
The selling is probably the result of investor nervousness over the possibility that the competition regulator the ACCC will move to block its merger with Vodafone Australia. Yesterday the ACCC chief Rod Sims was quoted in the Fairfax media discussing the merger. According to ZDNet news wire, Sims has previously been on record as stating that he believed Vodafone and TPG jointly bidding for mobile spectrum would increase, rather than decrease competition.
Super Retail Group Ltd (ASX: SUL) shares are down 3.3% today and around 23% since the retailer delivered a worse-than-expected trading update to the market on October 24, 2018. In the update the group reported that like-for-like store sales at its Supercheap Auto, Rebel and BCF stores were up 3.1%, 2.4% and 2.4% respectively. It seems the market is unhappy with these numbers though.
The Telstra Corporation Ltd (ASX: TLS) share price gave up 1.3% to close at $3.08 today to make it one of the worst performers among the top 50 ASX companies by market capitalisation. The giant telco released no specific news to the market and has been in a downtrend all year.
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Motley Fool contributor Yulia Mosaleva owns shares of TPG Telecom Limited. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia owns shares of Super Retail Group Limited. The Motley Fool Australia has recommended TPG Telecom Limited. 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.