Although it has bounced back from its lows, in late trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down a sizeable 0.5% to 5,644.4 points.
Four shares that have fallen more than most today are listed below. Here's why they have been smashed:
The ALS Ltd (ASX: ALQ) share price has given back yesterday's gains and more with an 8.5% decline to $7.28. On Tuesday the testing services provider's shares surged higher after it reported a 15% increase in half year revenue to $826.1 million and a 30% increase in underlying net profit to $93.3 million. One broker that didn't see enough in the half to change its rating was Deutsche Bank. It has held firm with its sell rating and $6.85 price target due to valuation concerns.
The Beach Energy Ltd (ASX: BPT) share price has tumbled 10% lower to $1.56 after oil prices crashed lower overnight. Prices tumbled over concerns that OPEC and Russia may not cut their output as much as necessary to stop a supply glut forming in the near future.
The Citadel Group Ltd (ASX: CGL) share price has crashed 10% lower to $8.09 despite there being no news out of the technology services provider. But with Citadel's shares rocketing higher over the last few months and sitting close to an all-time high prior to today, I'm not overly surprised to see its shares get caught up in the tech selloff. When the dust settles it could be worth taking another look at this fast-growing company.
The CYBG PLC (ASX: CYB) share price has fallen 20% to $3.59. The British bank's UK-listed shares fell heavily overnight following the release of its full year results. Although its results were reasonably solid, its outlook for the year ahead has spooked investors. The bank warned that even if a Brexit deal is successfully negotiated, trading conditions are likely to slow markedly in 2019 and 2020 as Brits aren't buying property.
