In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week on a disappointing note. At the time of writing the benchmark index is down almost 1% to 5,579.5 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 A2 Milk Company Ltd (ASX: A2M) share price has fallen over 3.5% to $10.11 despite there being no news out of the infant formula and dairy company. Investors may be concerned that Chinese consumers aren’t spending as freely as they once were following Apple’s sales update. In addition to this, there may be fears that the company’s sales could be negatively impacted by Chinese tariffs if the trade war escalates further.
The OZ Minerals Limited (ASX: OZL) share price has dropped 3% to $8.40 after a decline in the copper price overnight. Copper prices fell to 18-month lows after Apple’s sales downgrade sparked fears that the trade war was slowing Chinese economic growth. According to Metal Bulletin, the benchmark copper price fell 1.8% to US$5,736 a tonne on the London Metal Exchange.
The Pilbara Minerals Ltd (ASX: PLS) share price has tumbled 3.5% to 70 cents. Almost all lithium miners are sinking lower today as investors sell risky assets and flee to risk off options such as gold miners and utilities. Pilbara Minerals was a big mover on Thursday after announcing a funding package for the stage 2 expansion of its 100%-owned Pilgangoora lithium-tantalum project in Western Australia to 5Mtpa.
The WiseTech Global Ltd (ASX: WTC) share price is down 5% to $16.31. The logistics platform provider’s shares have been dragged lower today following a tech selloff on Wall Street overnight that sent the Nasdaq index tumbling 3% lower. The Apple share price led the way with a 10% decline following its sales guidance downgrade.
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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 A2 Milk and WiseTech Global. 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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