The S&P/ASX 200 index has followed the lead of U.S. markets and dropped lower on Wednesday. In afternoon trade the benchmark index is down 0.6% to 6,532 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Bravura Solutions Ltd (ASX: BVS) share price has dropped 4% to $4.57 despite there being no news out of the fintech company. But with the technology-focused Nasdaq index dropping notably lower overnight, a number of Australian tech shares have come under pressure today. I feel this could be a buying opportunity for investors willing to make a patient long term investment.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has fallen 4.5% to $25.18. A small portion of this decline is related to the biopharmaceutical company's shares trading ex-dividend this morning. The remainder is likely to be down to profit taking from investors after a very impressive share price gain in 2019. Prior to today the company's shares had more than doubled in value since the turn of the year.
The CSR Limited (ASX: CSR) share price has crashed over 7% lower to $3.68. The catalyst for this decline appears to be a bearish broker note relating to the building products company. According to a note out of Ord Minnett, its analysts have downgraded its shares to a lighten rating and cut the price target on them to $3.50. This was largely down to a reduction in its forecasts for building product margins and property earnings.
The Medibank Private Ltd (ASX: MPL) share price is down 4% to $3.39. A good portion of today's decline is attributable to the private health insurer's shares trading ex-dividend this morning for its final and special dividends totalling 9.9 cents per share. These dividends will now be paid to eligible shareholders on September 26. In addition to this, on Tuesday its shares came under pressure after the ACCC sued it for misleading policyholders and incorrectly rejecting claims.
