In afternoon trade the benchmark S&P/ASX 200 index is on course to finish the week on a disappointing note. At the time of writing the index is down 0.5% to 6,651.9 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 Collins Foods Ltd (ASX: CKF) share price has tumbled 4.5% lower to $7.74 after announcing the retirement of its chief executive officer. According to the release, Graham Maxwell will step down from the role and retire in just over 12 months on July 1 2020. He will be replaced by the current chief operating officer of its Australian operations, Drew O'Malley.
The CSL Limited (ASX: CSL) share price is down 3% to $212.82 after the biotherapeutics giant released an update on the transition to its own Good Supply Practice license in China. Although the move has long term benefits, it will result in a one-off financial impact to its FY 2020 results. Due to the way that its China revenue will be recognised next year, management expects reported Chinese albumin sales of approximately $340 million to $370 million in FY 2020. This compares to over $500 million in FY 2018.
The DuluxGroup Limited (ASX: DLX) share price has dropped 4.5% to $9.32. This decline can be attributed in full to the paint company's shares trading ex-dividend for its interim and special dividends today. Eligible shareholders will be paid the 43 cents per share fully franked dividend on June 28.
The Syrah Resources Ltd (ASX: SYR) share price has returned from its trading halt and dropped 9% to 89.5 cents. The graphite producer's shares were placed in a trading halt whilst it undertook the institutional component of its entitlement offer. This has now been completed and successfully raised $25 million at 81 cents per share. Management revealed that the offer was well-supported with a take up rate of approximately 82% amongst eligible institutional shareholders.
