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Why Bellamy’s, BWX, Sigma, & Syrah shares dropped lower today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its poor run and dropped notably lower on Wednesday. In afternoon trade the benchmark index is down a further 0.65% to 6,135.5 points.

Four shares that have fallen more than most today are listed below. Here’s why these shares have dropped lower:

The Bellamy’s Australia Ltd (ASX: BAL) share price is down over 4% to $9.91 despite there being no news out of the organic infant formula and baby food company. However, with the market under pressure today and Bellamy’s shares up significantly in recent weeks, I suspect that profit taking is weighing on them today. Bellamy’s shares are still up 36% year to date even after today’s decline.

The BWX Ltd (ASX: BWX) share price has tumbled almost 5% lower to $2.17. As with Bellamy’s, there has been no news out of the vertically integrated developer, manufacturer, distributor and marketer of branded skin and hair care products today to trigger the selling. Instead, it looks to be profit taking after a massive gain over the last few weeks. Prior to today, the BWX share price was up 45% in the space of a month.

The Sigma Healthcare Ltd (ASX: SIG) share price has crashed 15.5% lower to 51.5 cents after the pharmacy chain operator and distributor rejected the Australian Pharmaceutical Industries Ltd (ASX: API) merger proposal. According to the release, a standalone business review concluded that the proposal was not in the best interests of Sigma shareholders.

The Syrah Resources Ltd (ASX: SYR) share price has continued its poor run and dropped 4% to a multi-year low of $1.05. The graphite miner’s shares have come under significant selling pressure in 2019 after its quarterly update revealed the unwanted combination of higher than expected operating costs and lower than anticipated graphite prices.

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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 and has recommended BWX 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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