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Why Afterpay, OceanaGold, Opthea, & Syrah shares tumbled lower today

The S&P/ASX 200 index is on course to end its positive run with a disappointing decline on Tuesday. In afternoon trade the benchmark index is down 0.6% to 6,609.6 points.

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

The Afterpay Touch Group Ltd (ASX: APT) share price has dropped 4% to $32.55 despite there being no news out of the fast-growing payments company. However, a good number of tech shares have come under pressure today, possibly due to profit-taking after strong gains in 2019. In afternoon trade the S&P/ASX 200 Info Tech index is down 3.1%.

The OceanaGold Corp (ASX: OGC) share price has sunk 5% to $3.35 following another sizeable drop in the gold price. The price of the precious metal has dropped to a two-week low and under the symbolic US$1,500 an ounce level following an improvement in investor sentiment. At the time of writing the S&P/ASX All Ords Gold index is down 3.6%.

The Opthea Ltd (ASX: OPT) share price has tumble over 7% to $3.58 despite there being no news out of the biologics drug developer. I suspect that today’s decline is down to profit-taking after an incredible share price rise over the last few weeks. Prior to today, Opthea’s shares had risen a staggering 400% since the start of August. A positive trial update and a bullish broker recommendation were largely behind the mammoth rise.

The Syrah Resources Ltd (ASX: SYR) share price has crashed 30% lower to 49.5 cents after providing a market and operational update. According to the release, the price of its graphite has fallen significantly this year due to weakening demand. As a result, the company intends to slash its production materially in the near term. A further update will be provided next month in relation to its production plans over the medium term.

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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 AFTERPAY T FPO. 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.

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