The S&P/ASX 200 Index is on course to give back most of yesterday’s gains. In afternoon trade the benchmark index is down 0.2% to 6,264.2 points.
Four shares that have fallen more than most today are listed below. Here’s why they dropped lower:
The Afterpay Touch Group Ltd (ASX: APT) share price is down 2.5% to $24.18 after concerns were raised over the share structure of its US subsidiary Afterpay Inc. This appears to have spooked some investors, but it does appear unwarranted and the share price pullback could arguably be a buying opportunity for investors.
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen 6% to $7.59 after iron ore prices weakened overnight for the second successive session. Also adding to the selling pressure today is news that a Brazilian court has given mining giant Vale the go ahead to resume operations at its Brucutu mine. Investors may be concerned that the additional supply will hurt iron ore prices.
The Northern Star Resources Ltd (ASX: NST) share price is down over 2.5% to $8.72 after the gold price tumbled lower overnight. Although it has recovered slightly in Asian trade, the precious metal fell as much as 1% on Tuesday due to a stronger U.S. dollar and bullish equity markets. This left the spot gold price trading close to a four-month low. The S&P/ASX All Ords Gold index is trading 1.7% lower today.
The WiseTech Global Ltd (ASX: WTC) share price has fallen 5% to $22.02 despite there being no news out of the logistics solutions company. However, this week the company revealed that its share purchase plan would raise $35.9 million through the issue of 1.7 million new fully paid ordinary shares at a discount of $20.90 per share. This was more than the $30 million it planned to raise. With these shares due to be allotted tomorrow, I suspect some shareholders have been selling off existing shares to make a quick profit.
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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 AFTERPAY T FPO and WiseTech Global. 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.