Why ANZ, Automotive Holdings, Syrah, & Yancoal shares dropped lower today

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week on a disappointing note. In afternoon trade the index is down almost 0.9% to 6,209.5 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 Australia and New Zealand Banking Group (ASX: ANZ) share price has fallen 2% to $27.18. All four of Australia’s biggest banks have come under pressure today, possibly due to investors hitting the sell button in a panic after Commonwealth Bank of Australia (ASX: CBA) CEO Matt Comyn was grilled at the House of Representatives standing committee on economics.

The Automotive Holdings Group Ltd (ASX: AHG) share price has dropped 3.5% to $1.96 after being dumped out of the ASX 200 index. According to an announcement by S&P Dow Jones Indices this morning, the auto retailer will be removed from the benchmark index on March 18 and replaced with investment platform provider Hub24 Ltd (ASX: HUB). HUB24’s shares have raced higher on the news.

The Syrah Resources Ltd (ASX: SYR) share price has tumbled 5% lower to $1.17. At one stage today the graphite miner’s shares sank to a 52-week low despite there being no news out of it. I suspect concerns over global economic growth have led to a selloff of battery ingredient producers today. The Orocobre Limited (ASX: ORE) share price has also fallen heavily.

The Yancoal Australia Ltd (ASX: YAL) share price has sunk 6% lower to $3.85. The coal miner’s share price decline is entirely attributable to its shares trading ex-dividend this morning for its final dividend. Last month Yancoal declared a final dividend worth a total of $377million or 28.55 cents per share. This comprised an ordinary dividend of 15.96 cents per share and a special dividend of 12.59 cents per share.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Automotive Holdings Group 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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