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Why a2 Milk, Bank of Queensland, iSignthis, & Woodside shares dropped lower today

Chalkboard Graph Up Dow

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.

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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.

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