In afternoon trade the S&P/ASX 200 index looks set to start the month with a decline. At the time of writing the benchmark index is down 0.25% to 6,795.2 points.
Four shares that have fallen more than most today are listed below. Here's why they have dropped lower:
The Bubs Australia Ltd (ASX: BUB) share price has tumbled 4.5% to $1.29 despite there being no news out of the infant formula and baby food company. However, with the company's shares up significantly in recent months, I suspect that profit taking could be weighing on them today. Despite today's decline, the Bubs share price is up 180% year to date.
The Dicker Data Ltd (ASX: DDR) share price has fallen heavily for a second day in a row and is down 6% to $6.32 this afternoon. This is despite the company announcing its appointment as a distributor for Nutanix in the ANZ market this morning. Dicker Data's share price decline prompted an ASX Price Query. To which the company advised that it "is not aware of any additional information which could relate to the fluctuation of the share price." It also confirmed that its half year result will be in line with guidance.
The Janus Henderson Group PLC (ASX: JHG) share price has sunk 10% lower to $28.58 after the fund manager's second quarter update disappointed the market. Janus Henderson reported net income of US$109.4 million in the second quarter and US$229.7 million in the first half. The latter was a 22% decline on the prior corresponding period. The company also revealed that it has been struggling with its AUM.
The Resolute Mining Limited (ASX: RSG) share price has dropped 6.5% to $1.66 after the gold miner announced a binding agreement to acquire Toro Gold for US$274 million. Although the acquisition is expected to boost its production and lower its costs, investors don't appear convinced by the deal. In addition to this, a pullback in the gold price is weighing heavily on all the gold miners today.
