Why Adelaide Brighton, AusCann, CYBG, & Independence Group crashed lower today

The Adelaide Brighton Ltd (ASX:ABC) share price and the CYBG PLC (ASX:CYB) share price are two of four crashing lower on Wednesday…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is on course to end its winning streak. At the time of writing the benchmark index is down 0.2% to 6,829.6 points.

Four shares that have fallen more than most today are listed below. Here's why they have crashed lower:

The Adelaide Brighton Ltd (ASX: ABC) share price is down 18% to $3.54 after the building products company downgraded its full year profit guidance materially. Due partly to the softening of conditions in the residential and civil construction markets, Adelaide Brighton expects underlying net profit after tax (excluding property) to be in the range of $120-130 million in FY 2019. This compares to the mid-point of its previous guidance range of ~$167 million.

The Auscann Group Holdings Ltd (ASX: AC8) share price has fallen 7.5% to 48 cents following the release of the medicinal cannabis company's quarterly update. During the June quarter the company reported cash receipts of just $671,000. Investors appear disappointed with the continued lack of meaningful revenue generation. Though, it is worth noting that the company finished the period with a sizeable cash balance of ~$35 million.

The CYBG PLC (ASX: CYB) share price has sunk over 10% lower to $3.21 after the UK-based bank released a disappointing update. The bank's shares have come under pressure after it warned that a large volume of mortgages have been paid off by customers during the third quarter. This has had a negative impact on its lending income.

The Independence Group NL (ASX: IGO) share price is down 3.5% to $5.42 after the gold and nickel miner released its full year update. Although Independence delivered a strong production result over the 12 months, its costs were higher than expected. Unfortunately, these costs are expected to rise again in FY 2020, putting further pressure on margins.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.

More on Share Fallers

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why 29Metals, Brainchip, Platinum, and Premier Investments shares are falling today

These ASX shares are having a tough time on hump day.

Read more »

Man with his head in his head because of falling share price.
Share Fallers

Why 29Metals, Atlas Arteria, IDP Education, and Mineral Resources shares are falling

These ASX shares are having a tough time on Tuesday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why ALS, EOS, NRW, and Patriot Battery Metals are dropping today

These ASX shares are starting the week in the red.

Read more »

A man looking at his laptop and thinking.
Technology Shares

Why are these ASX tech shares getting smashed today?

Owners of these two stocks are missing out today.

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why AGL, Brickworks, IGO, and New Hope shares are dropping today

These ASX shares are having a poor session. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Amcor, Arafura, Brainchip, and South32 shares are tumbling today

These ASX shares are having a tough time on hump day. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling

These ASX shares are having a poor session. But why?

Read more »