The S&P/ASX 200 index has had a disappointing start to the week despite gains on Wall Street on Friday. In afternoon trade the benchmark index is down 0.1% to 6,245 points.
Four shares that have fallen more than most today are listed below. Here’s why they have started the week in the red:
The Bellamy’s Australia Ltd (ASX: BAL) share price has continued its slide and is down a further 5% to $9.39. On Friday the infant formula company’s shares came under pressure after being downgraded by analysts at Citi. According to the note, its analysts downgraded Bellamy’s shares to a neutral rating with a $10.50 price target largely on valuation grounds after a strong share price rise since the start of the year.
The IOOF Holdings Limited (ASX: IFL) share price is down almost 2.5% to $6.44 after the embattled wealth management company advised that it has been served with a class action filed by Quinn Emanuel Urquhart & Sullivan. Quinn Emanuel alleges that between May 27 2015 and August 9 2018 IOOF contravened its continuous disclosure obligations under the ASX Listing Rules and engaged in misleading or deceptive conduct.
The Pendal Group Ltd (ASX: PDL) share price has crashed 8% lower to $8.54. On Friday the fund manager released a disappointing funds under management update. This hasn’t gone down well with analysts at Credit Suisse. According to a note out of the investment bank, its analysts have retained their underperform rating and trimmed the price target on the company’s shares down to $7.80.
The Perseus Mining Limited (ASX: PRU) share price has tumbled almost 7% to 45.2 cents after the gold price dropped notably lower. According to CNBC, the spot gold price is trading a further 0.35% lower on Monday at US$1,290.70 an ounce. The S&P/ASX All Ords Gold index is down a sizeable 2.7% at the time of writing.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Bellamy's Australia. 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.