In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to record another disappointing decline. At the time of writing the index is down 0.35% to 6,182.7 points.
Four shares that have fallen more than most today are listed below. Here’s why they have sunk lower:
The BINGO Industries Ltd (ASX: BIN) share price has fallen 5% to $1.53 despite there being no news out of the waste management company. However, prior to today the BINGO share price had risen almost 38% in the space of three weeks. This could mean that some investors are taking profit after the strong share price rally.
The InvoCare Limited (ASX: IVC) share price is back from its trading halt and down almost 3.5% to $13.88. The funeral company’s shares went into a trading halt last week whilst it raised $85 million through a capital raising. According to today’s release, the institutional placement was well supported and raised approximately $65 million at a price of $14.00 per share. This was a 2.4% discount to the last close price. A further $20 million will now be raised via a share purchase plan.
The Kogan.com Ltd (ASX: KGN) share price has fallen 4.5% to $3.82 despite there being no news out of the ecommerce company. This latest decline means that the Kogan share price has now lost 58% of its value since this time last year. The sudden slowdown in its sales growth appears to have spooked investors.
The Syrah Resources Ltd (ASX: SYR) share price has continued its decline and is down a further 5% to $1.10. This decline means the graphite miner’s shares are down 67% over the last 12 months and trading at a multi-year low. Syrah’s shares have come under pressure since its last update revealed higher than expected operating costs and lower than expected prices for its graphite.
These 3 stocks could be the next big movers in 2020
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended InvoCare Limited and Kogan.com ltd. 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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