The S&P/ASX 200 index is off its low, but still trading notably lower in afternoon trade. At the time of writing the benchmark index is down 0.4% to 6,668 points.
Four shares that have fallen more than most today are listed below. Here’s why they have dropped lower:
The AMP Limited (ASX: AMP) share price has crashed 14% lower to $1.85 after the embattled financial services company announced that the RBNZ had blocked the sale of its AMP Life business to Resolution Life. Because of the uncertainty of the transaction, the company has suspended its interim dividend. AMP’s shares sank to an all-time low of $1.77 this morning.
The Carsales.Com Ltd (ASX: CAR) share price is down 2% to $14.07 after the auto listings company was the subject of a broker note out of Morgans. According to the note, the broker has downgraded the company’s shares to a reduce rating with a $12.49 price target. Whilst Morgans is positive on Carsales’ long time growth prospects, it feels its valuation has become stretched.
The Integrated Research Limited (ASX: IRI) share price has tumbled 11.5% to $3.05 following the release of its full year profit guidance. Although the leading global provider of proactive performance management software for critical IT infrastructure, payments and communications ecosystems expects to deliver record revenue and profits, its guidance reveals a slowdown in its profit growth in the second half. Profit after tax is expected to be in the range of $21.2 million to $22 million, up 10% to 15% year on year. This compares to first half profit growth of 26%.
The Xero Limited (ASX: XRO) share price is down 3% to $61.42 despite there being no news out of the leading business and accounting software provider. Xero is one of many tech shares tumbling lower today, leading to the S&P/ASX 200 Info Tech index trading 1.4% lower at the time of writing.
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Returns as of 6th October 2020
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Integrated Research Limited and Xero. The Motley Fool Australia has recommended carsales.com 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.
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