The S&P/ASX 200 index is on course to end its winning streak on Wednesday. In afternoon trade the benchmark index is down 0.25% to 6,678.2 points.
Four shares that have fallen more than most today are listed below. Here’s why they have dropped lower:
The A2 Milk Company Ltd (ASX: A2M) share price has fallen almost 3.5% to $12.67. This morning Ord Minnett retained its lighten rating and $12.92 price target on the infant formula company’s shares following its investor briefing in China. Although the broker believes its China strategy is positive and the company has a deep understanding of the market, it has concerns about its impact on margins in the near term.
The Bank of Queensland Limited (ASX: BOQ) share price is down almost 2.5% to $9.52 due to general weakness in the banking sector on Wednesday. In addition to this, earlier this week analysts at Morgan Stanley retained their underweight rating and $8.40 price target on the regional bank’s shares. The broker remains bearish on the bank due to weak mortgage loan growth and margin pressures.
The iSignthis Ltd (ASX: ISX) share price has continued its slide and is down 7% to $1.02. The payments company’s shares have come under pressure this week after a report out of Ownership Matters questioned its accounts. Despite the company refuting these claims on Tuesday, it doesn’t appear to have been enough to satisfy the market. This may have led to some investors taking profit after its strong gain this year.
The Woodside Petroleum Limited (ASX: WPL) share price is down almost 3% to $32.43 after oil prices crashed lower overnight. Both Brent and WTI crude oil sank lower after Saudi Arabia revealed that its oil production would return to normal by the end of the month following drone attacks at the weekend. This appears to have eased concerns that supply could be impacted materially by the attacks.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting...
Because 'Doc' Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget 'buy now pay later', this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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.
- These ASX shares are targeting enormous growth over the 2020s – January 24, 2021 10:34am
- 2 blue chip ASX dividend shares to buy next week – January 24, 2021 10:15am
- Top brokers name 3 ASX shares to buy next week – January 24, 2021 10:00am