In afternoon trade the benchmark S&P/ASX 200 index is on course to start to the week on a disappointing note. At the time of writing the index is down 0.5% to 6,353.1 points.
Four shares that have fallen more than most today are listed below. Here's why they have dropped lower:
The Kogan.com Ltd (ASX: KGN) share price has dropped 4% to $5.46 despite there being no news out of the ecommerce company. Investors appear to be taking profit after Kogan's shares stormed significantly higher following the release of a better than expected third quarter update earlier this month.
The Pilbara Minerals Ltd (ASX: PLS) share price has tumbled 4% to 63 cents following the release of its third quarter update. Although Pilbara Minerals' spodumene production increased quarter on quarter, Tropical Cyclone Veronica impacted its shipments and meant that spodumene sales dropped 17% from the previous quarter to 38,562 dmt. In addition to this, the company revealed that Chinese lithium prices are still trading close to their lowest levels this year.
The Syrah Resources Ltd (ASX: SYR) share price is down 4.5% to $1.14 after the graphite miner released its third quarter update. Although Syrah reported a large increase in production and a reduction in its cash costs, investors appear disappointed that the weighted average graphite price achieved was lower than planned. Syrah achieved US$469 per tonne for its graphite, which isn't much more than its C1 cash operating costs which are "trending towards US$400 tonne"
The Viva Energy Group Ltd (ASX: VEA) share price has fallen 3.5% to $2.28 after the fuel retailer released its latest refining margin and retail business update. Viva reported an improvement in its Geelong refining margins, but warned of weakness in its retail fuel margin due to higher oil prices. This has negatively impacted Viva Energy's retail segment's underlying EBITDA in the range of $30 million and $35 million through to the end of April.
