In afternoon trade the benchmark S&P/ASX 200 index is on course to end its winning streak. At the time of writing the index is down a sizeable 0.8% to 6,233.3 points.
Four shares that have fallen more than most today are listed below. Here's why they have dropped lower:
The Beach Energy Ltd (ASX: BPT) share price has fallen over 3.5% to $2.01 after a pullback in oil prices overnight. According to Bloomberg, in U.S. trade the WTI crude oil price dropped 0.3% to US$62.39 a barrel and the Brent crude oil price edged lower to US$69.36 a barrel. The price of WTI crude oil dropped lower after U.S. crude stockpiles increased.
The Galaxy Resources Limited (ASX: GXY) share price has fallen 2.5% to $1.96 after the lithium miner announced the surprise appointment of a new CEO. According to the release, Galaxy has appointed former BHP Group Ltd (ASX: BHP) production manager and Iluka Resources Limited (ASX: ILU) executive, Simon Hay, to the top job. He will replace the company's current CEO, Anthony Tse, in July. Mr Tse will move into an executive director role.
The Harvey Norman Holdings Limited (ASX: HVN) share price has fallen almost 4% to $3.86. Today's gain is almost entirely attributable to the retailer's shares trading ex-dividend this morning for its fully franked interim 12 cents per share dividend. This dividend will now be paid to eligible shareholders on May 1.
The Inghams Group Ltd (ASX: ING) share price has tumbled 6.5% lower to $4.14 after the AFR reported that TPG Capital is selling down its stake in the poultry producer. According to the report, UBS has been in the market looking for buyers for 50 million shares owned by the private equity giant. The broker was seeking $4.28 per share, valuing the stake at approximately $214 million. After the sell down the private equity firm will retain a 19% stake in the company.
