In afternoon trade the S&P/ASX 200 index is on course to start the week with a small decline. At the time of writing the benchmark index is down a few points to 6,452.3 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 Elders Ltd (ASX: ELD) share price has dropped 5% to $6.17. A portion of this decline can be attributed to the agribusiness company's shares trading ex-dividend this morning for its 9 cents per share fully franked interim dividend. This will now be paid to eligible shareholders on June 21.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is down over 3% to $15.28 despite releasing a record sales and profit result. In FY 2019 the medical device company delivered operating revenue of NZ$1.07 billion and net profit after tax of NZ$209.2 million. This was an increase of 9% and 10%, respectively, on the prior corresponding period. Judging by the share price weakness, some investors may have been expecting an even stronger result.
The FlexiGroup Limited (ASX: FXL) share price is down 3.5% to $1.87 despite there being no news out of the diversified financial services company. However, FlexiGroup's shares have been on fire in recent weeks following the release of an update on the progress of its buy now, pay later platform. This could mean that profit taking is weighing on its shares this afternoon.
The QBE Insurance Group Ltd (ASX: QBE) share price has dropped 2.5% to $12.31. Today's decline appears to be attributable to a broker note out of Credit Suisse this morning. According to the note, the broker has downgraded the insurance giant's shares to a neutral rating from outperform. Credit Suisse made the move largely on valuation grounds after an impressive share price rally over the last few months.
