In afternoon trade the S&P/ASX 200 index is on course to finish the week on a disappointing note. At the time of writing the benchmark index is down 0.1% to 6,711.4 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 Afterpay Touch Group Ltd (ASX: APT) share price has dropped 4% to $24.50 despite there being no news out of the payments company. Today’s decline could be attributable to news that analysts at Ord Minnett have taken the company’s shares off their conviction list. It removed Afterpay partly in response to Visa’s plans to muscle into the buy now, pay later space.
The Nearmap Ltd (ASX: NEA) share price has crashed 8% lower to $3.39 following the release of its preliminary full year results. Although the aerial imagery technology and location data company delivered record annualised contract value (ACV) growth, it appears as though some investors were betting on the company smashing expectations. Nearmap’s ACV grew 36% to $90.2 million in FY 2019.
The CLINUVEL Pharmaceuticals Limited (ASX: CUV) share price has sunk over 9% lower to $32.69. With no news out of the pharmaceutical company today, it appears as though profit taking could be weighing on its shares. After all, prior to today its shares had doubled in value since the start of the year.
The St Barbara Ltd (ASX: SBM) share price has dropped almost 3% to $3.13. Investors have been selling the gold miners today after the price of the precious metal pulled back overnight following solid inflation data in the United States. A flare up in U.S.-China trade tensions has led to a rebound in the gold price this afternoon, but not enough to support St Barbara’s shares. The S&P/ASX All Ords Gold index is down 1.7% at the time of writing.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.