The S&P/ASX 200 index is off its lows but is still trading lower in afternoon trade. At the time of writing the benchmark index is down almost 0.1% to 6,667.8 points.
Four shares that have fallen more than most today are listed below. Here’s why they have dropped lower:
The Blackmores Limited (ASX: BKL) share price is down 3% to $81.51. This appears to be down to profit taking after a strong gain on Monday following news that Bellamy’s Australia Ltd (ASX: BAL) had received a takeover offer. Some investors appear to believe that Blackmores could also be a potential takeover target following its sharp share price decline in 2019 and its exposure to the massive China market.
The Inghams Group Ltd (ASX: ING) share price has tumbled 4.5% to $3.15. Today’s decline is almost entirely attributable to the poultry producer’s shares trading ex-dividend for its 10.5 cents per share fully franked final dividend. This dividend will now be paid to eligible shareholders in just over three weeks on October 10.
The Ramsay Health Care Limited (ASX: RHC) share price has dropped over 5% to $61.81 after the private hospital operator revealed that the Paul Ramsay Foundation sold 22 million of its shares to institutional investors at $61.80 per share through a block trade. This equates to a total consideration of ~$1.36 billion. The Foundation will continue to hold approximately 21% of the issued share capital in the company following settlement.
The South32 Ltd (ASX: S32) share price is down 2.5% to $2.74 after a pullback in commodity prices overnight. Weaker than expected Chinese industrial data in August and worries about global growth put a lot of selling pressure on base metal prices. It isn’t just South32 that is dropping lower today, in afternoon trade the S&P/ASX 200 Resources index is down 0.8%.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended Ramsay Health Care Limited. 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.