The benchmark S&P/ASX 200 index is on course to start the week on a disappointing note. In afternoon trade the index is down 0.15% to 6,691 points.
Four shares that have fallen more than most today are listed below. Here’s why they have dropped lower:
The Austal Limited (ASX: ASB) share price is down 3.5% to $3.99 despite there being no news out of the shipbuilder. However, prior to today the Austal share price had more than doubled in value since the start of the year. This may have led to some investors taking a bit of profit off the table on Monday.
The InvoCare Limited (ASX: IVC) share price has sunk a sizeable 6% lower to $15.22. With no news out of the funerals company, today’s decline appears to be attributable to a broker note out the Macquarie Group Ltd (ASX: MQG) equities desk this morning. According to the note, the broker believes that the Australian Bureau of Statistics’ death volume forecasts are too bullish. Macquarie has a neutral rating on its shares.
The Jumbo Interactive Ltd (ASX: JIN) share price has dropped over 3% to $19.07. As with Austal, this decline appears to be a case of profit taking following a stellar share price rally in 2019. Prior to today the lottery ticket seller’s shares had gained a remarkable 170% since the start of the year. A strong half year result and positive guidance have largely been behind this impressive rise.
The Superloop Ltd (ASX: SLC) share price has continued its decline and is down a further 5% to 92.5 cents. This latest decline means the telco company’s shares have now lost almost two-thirds of their value since peaking at $2.60. Investors have been heading to the exits in their droves after management downgraded its FY 2019 guidance materially and withdrew its guidance for next year.
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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 Jumbo Interactive Limited and SUPERLOOP FPO. The Motley Fool Australia has recommended InvoCare Limited and Jumbo Interactive 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.