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.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. 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.
- Leading brokers name 3 ASX shares to buy today – May 17, 2021 11:30am
- Why the EML Payments (ASX:EML) share price is in a trading halt – May 17, 2021 10:38am
- Carsales (ASX:CAR) share price down 7% after raising $428 million – May 17, 2021 10:14am