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.
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James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia has recommended Collins Foods Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.