In early afternoon trade the S&P/ASX 200 index is on course to start the week on a very disappointing note. At the time of writing the benchmark index is down 1.25% to 6,684.4 points.
Four shares that have fallen more than most today are listed below. Here's why they have sunk lower:
The Bega Cheese Ltd (ASX: BGA) share price has continued its slide and is down a further 4% to $4.06. Investors have been selling the food company's shares following the release of a disappointing trading update last week. Bega Cheese downgraded its guidance for normalised EBITDA in FY 2019 to be in the range of $113 million to $117 million from $123 million to $130 million. This appears to be due to higher costs and its record milk intake.
The Fortescue Metals Group Limited (ASX: FMG) share price has tumbled over 5.5% lower to $7.20 amid concerns that the iron ore price could be about to slide materially lower. A number of analysts have become increasingly bearish on the outlook for the base metal due to increasing supply and decreasing demand from Chinese steel makers.
The Nufarm Limited (ASX: NUF) share price is down 3.5% to $4.77. Last week Nufarm downgraded its earnings guidance. In light of this, this morning analysts at Morgans cut the price target on the company's shares from $5.50 to $5.25. The broker has retained its hold rating on Nufarm's shares, admitting that the downgrade was not as bad as it had expected.
The WiseTech Global Ltd (ASX: WTC) share price has sunk 5% lower to $30.24 after being caught up in a tech sell off on Monday. Australia's leading tech shares have come under significant pressure after their U.S. counterparts dropped lower on Friday night amid trade war concerns. At the time of writing the S&P/ASX 200 Info Tech index is down a sizeable 2.6%.
