Trade war concerns have weighed heavily on the Australian share market on Tuesday, leading to the S&P/ASX 200 index dropping notably lower. At the time of writing the benchmark index is down 1.1% to 6,229.7 points.
Four shares falling more than most today are listed below. Here's why they have tumbled lower:
The IOOF Holdings Limited (ASX: IFL) share price has continued its slide and is down a further 5% to $5.52. On Monday the IOOF share price dropped lower after providing an update on its acquisition of the Pensions and Investments (P&I) business owned by Australia and New Zealand Banking Group (ASX: ANZ). It also revealed that as of May 11 the coupon rate of 14.4% per annum on the debt note subscribed by IOOF from ANZ was re-set to 2%. This led to Morgan Stanley retaining its equal-weight rating but cutting its price target on IOOF's shares to $5.45 this morning.
The Mayne Pharma Group Ltd (ASX: MYX) share price has crashed 16.5% lower to 55.5 cents after the pharmaceutical company released a disappointing market update this morning which revealed that its key Generics Products segment has been struggling once again. During the first four months of the second half the segment has posted a 32% decline in revenue compared to the prior corresponding period.
The National Australia Bank Ltd (ASX: NAB) share price has fallen almost 5% to $24.20. The majority of the banking giant's decline is attributable to its shares trading ex-dividend this morning for its fully franked 83 cents per share interim dividend. This generous dividend will be paid to eligible shareholders in approximately seven weeks on July 3.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has continued its decline and is down a further 5% to $3.69. The plumbing parts company's shares have been hammered this week after it downgraded its earnings guidance following weaker than expected sales across the majority of its businesses.
