It has been a bitterly disappointing day of trade for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade the index is down 1.7% to 5,840.2 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Afterpay Touch Group Ltd (ASX: APT) share price is down over 5% to $11.85 despite there being no news out of the fintech star. Almost all of Australia's leading tech shares have sunk notably lower today following a tech selloff in the United States overnight. Investors appear concerned that rising rates in the U.S. are a threat to the valuations of high PE shares like Afterpay Touch.
The Elders Ltd (ASX: ELD) share price has given back a lot of yesterday's gains and is down 9.5% to $8.02 on Tuesday. News that Morgans has downgraded the agribusiness company's shares to a reduce rating with a $7.80 price target appears to be the catalyst for this decline. Morgans felt its shares were fully valued even after Elders outperformed expectations with its full year results yesterday.
The Incitec Pivot Ltd (ASX: IPL) share price has dropped 5.5% to $3.99 after its full year results disappointed the market. The industrial explosives company reported a full year profit $207.9 million, which was a decline of 34.8% on the prior corresponding period. This was largely due to the previously announced first-half impairment against its explosives services business. Management also warned that high gas prices could be a challenge in FY 2019.
The Westpac Banking Corp (ASX: WBC) share price is down 5.5% to $26.24. A good portion of today's decline can be attributed to the banking giant's shares going ex-dividend this morning for its fully franked 94 cents per share final dividend. In addition to this, news that the Federal Court has rejected the $35 million settlement negotiated by the bank and ASIC has added to the selling.
