It has been a disappointing end to the week for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At the time of writing the index is down 0.8% to 5,615.4 points.
Four shares that have fallen more than most today are listed below. Here’s why they are ending the week in the red:
The Afterpay Touch Group Ltd (ASX: APT) share price is down 6% to $12.26 despite there being no news out of the fintech company. However, the information technology sector has been slammed today after a weak night of trade on Wall Street for the Nasdaq index. In addition to this, current futures contracts are pointing to further declines for the U.S. tech index tonight.
The Orocobre Limited (ASX: ORE) share price is down 2.5% to $3.91. The lithium miner’s shares have tumbled lower despite announcing the signing of three pivotal agreements with joint venture partner Toyota Tsusho Corporation. Management advised that this week it visited Toyota Tsusho’s office in Japan to finalise and sign a new Olaroz shareholders agreement, sales and marketing agreement, and Orocobre management agreement.
The TPG Telecom Ltd (ASX: TPM) share price has fallen a further 2% to $6.30. The telco company’s shares have come under significant selling pressure since the ACCC voiced concerns over its merger with Vodafone Australia. This merger uncertainty led to Morgans downgrading its shares to a hold rating this morning. The broker also cut the price target on them to $6.65.
The Villa World Ltd (ASX: VLW) share price has plunged 12.5% lower to $1.62 after providing an update to its FY 2019 guidance. Due to tough residential housing market conditions, the company has warned that it will not achieve its FY 2019 net profit after tax guidance of ~$40 million and has now withdrawn all guidance. This is very disappointing given the company last confirmed its guidance less than a month ago at its AGM.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.
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