In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the day in the red. At the time of writing the benchmark index is down 0.1% to 5,721.4 points.
Four shares falling more than most today are listed below. Here’s why they are sinking lower:
The Ausdrill Limited (ASX: ASL) share price is down almost 7% to $1.32 despite there being no news out of the diversified mining services company. At one stage today Ausdrill’s shares fell to a 52-week low of $1.26. The company’s shares have come under significant selling pressure since it announced the acquisition of Barminco and the loss of a mining contract at the Edikan gold mine in August.
The Accent Group Ltd (ASX: AX1) share price has dropped 4.5% to $1.28. I suspect that a spot of profit taking is happening today after Accent Group’s shares rocketed higher last week following its positive AGM update. One broker that thinks this is a buying opportunity is Morgans. Earlier this week it upgraded the footwear retailer’s shares to an add rating with a $1.46 price target.
The Admedus Ltd (ASX: AHZ) share price has returned from its suspension and crashed 55% lower to 6 cents. Admedus’ shares have been suspended since the start of August whilst it went through a recapitalisation plan. This morning it launched a partially underwritten entitlement offer to raise up to $20.2 million before costs. The capital raised from this rights issue will provide funding for Admedus to consolidate and further develop its ADAPT portfolio and position itself for the development of new products in 2019.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has dropped 7% lower to $1.18. This morning the biopharmaceutical company was the subject of another broker note out of Morgans. According to the note, the broker has initiated coverage on Paradigm with a reduce (sell) rating and 89 cents price target. The broker believes that high levels of trial success relating to the repurposing of pentosan polysulfate sodium have been priced in already.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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.