In late morning trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from its heavy early decline and is down just 0.15% to 5,458.8 points ahead of its early close.
Four shares that have fallen more than most today are listed below. Here's why they have started the week in the red:
The Automotive Holdings Group Ltd (ASX: AHG) share price has tumbled almost 5% lower to $1.41 following a trading update from one of its industry rivals. This morning Autosports Group Ltd (ASX: ASG) advised that a combination of weak new car conditions, delivery delays, and the effect of the Sydney hail storm have impacted its trading result in the first half of FY 2019. Investors may be concerned that these issues have impacted Automotive Holdings Group as well.
The Bellamy's Australia Ltd (ASX: BAL) share price has fallen 4.5% to $6.74 despite there being no news out of the infant formula company. Its shares have come under significant pressure this year due to delays in the receipt of its SAMR accreditation. Until this is granted the company cannot sell its Chinese labelled products in the lucrative market.
The NRW Holdings Limited (ASX: NWH) shares price has dropped over 5% to $1.47 after agreeing to support Gascoyne Resources Ltd (ASX: GCY) through the provision of a $12 million loan facility. The contract services company advised that the loan will be used by Gascoyne Resources' subsidiary GNT Resources to meet working capital requirements and will be repaid through instalments during the second half of calendar year 2019.
The Vocus Group Ltd (ASX: VOC) share price is down 3% to $2.97 despite the release of a positive update on its agreement with Optus. According to the release, Vocus has completed the renegotiation and five-year extension of its current Mobile Virtual Network Operator (MVNO) agreement with Optus Wholesale. The new MVNO agreement includes access to the Optus 5G network and future technologies, putting Vocus in a position to grow its mobile customer base across its various brands.
