The S&P/ASX 200 index is out of form again on Wednesday and looks set to record a disappointing decline. In afternoon trade the benchmark index is down 0.45% to 6,718.1 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Beach Energy Ltd (ASX: BPT) share price has dropped 5% to $2.55. A number of energy shares have come under pressure today after oil prices sank lower overnight. Traders were selling oil after comments out of President Trump sparked concerns of an escalation in the trade war. Trump criticised China's trade practices at the UN General Assembly overnight and warned that he would not accept a bad deal.
The Pro Medicus Limited (ASX: PME) share price is down almost 6% to $28.09 despite there being no news out of the healthcare software company. However, a number of tech shares have come under pressure today after the Nasdaq index sank lower overnight. The technology-focused index fell 1.5% due to trade war concerns and the launch of an impeachment inquiry targeting President Trump.
The South32 Ltd (ASX: S32) share price has fallen 3% to $2.57. The catalyst for this appears to have been a broker note out of the Macquarie equities desk. According to the note, the broker has downgraded the diversified miner's shares to an underperform rating and cut the price target on them to $2.60. Its analysts made the move after adjusting their commodity forecasts.
The Wattle Health Australia Ltd (ASX: WHA) share price has dropped almost 6% to 57 cents. Investors appear to be taking profit again after the infant formula company's shares rocketed higher following the Bellamy's Australia Ltd (ASX: BAL) takeover approach. Despite falling heavily over the last couple of days, Wattle Health is still valued at ~$110 million. I think this is excessive given that in FY 2019 it posted a 30% decline in revenue to a lowly $1.1 million.
