The S&P/ASX 200 index is on course to end the week on a disappointing note. In afternoon trade the benchmark index is down 0.7% to 6,447.3 points.
Four shares that have fallen more than most today are listed below. Here's why they are ending the week in the red:
The Altium Limited (ASX: ALU) share price has dropped 4.5% to $29.51. A number of tech shares have sunk lower today after their U.S. counterparts dropped notably lower overnight due to trade war concerns. In afternoon trade the S&P/ASX 200 Info Tech index has fallen by a sizeable 1.9%.
The Estia Health Ltd (ASX: EHE) share price has dropped almost 5% lower to $2.85 after the aged care provider downgraded its full year profit guidance. Instead of a low to mid-single digit percentage increase in EBITDA from existing homes, the company now expects EBITDA from existing homes to fall to between $86 million and $88 million in FY 2019. This will be a 2.3% to 4.5% decline on FY 2018's $90.1 million. Management blamed the underperformance on continuing adverse publicity in the sector and influenza in South Australia.
The Santos Ltd (ASX: STO) share price has tumbled 4% lower to $6.92 following a sharp drop in oil prices overnight. According to Bloomberg, the WTI crude oil price sank 5.2% to US$58.20 a barrel and the Brent crude oil price tumbled 4.3% lower to US$70.83 a barrel. Concerns that the trade war between the United States and China might drag on for some time weighed heavily on oil prices.
The Woolworths Group Ltd (ASX: WOW) share price has fallen 3% to $32.56 after being the subject of a bearish broker note out of Citi. According to the note, the broker has downgraded the conglomerate's shares to a sell rating and trimmed the price target on them to $28.75. The broker made the move on the belief that German rival Kaufland could ignite an industry-wide private label price war which could pressure margins.
