The S&P/ASX 200 index is on course to record a disappointing decline following the release of weak economic data out of the United States overnight. In afternoon trade the benchmark index is down 1.25% to 6,658.9 points.
Four shares that have fallen more than most today are listed below. Here's why they have sunk lower:
The Bega Cheese Ltd (ASX: BGA) share price is down almost 4.5% to $4.57 despite there being no real news out of the diversified food company. One possible catalyst, though, was a notice this morning which revealed that Vanguard Group has been selling down its shareholding and is no longer a substantial holder. The Bega Cheese share price is now down 32% since this time last year.
The Costa Group Holdings Ltd (ASX: CGC) share price is down 2.5% to $3.63. This week analysts at UBS suggested that weaker mushroom prices mean there is a risk that the horticulture company could fall short of its calendar year 2019 guidance. However, the broker still retains its buy rating due to its positive medium term growth outlook.
The HUB24 Ltd (ASX: HUB) share price has fallen over 5% to $11.50 despite there being no news out of the investment platform provider. Investors may be selling its shares amid concerns that the cash rate cut could have a negative impact on its business. Though, it is worth noting that earlier this year the company dismissed these fears.
The National Australia Bank Ltd (ASX: NAB) share price has fallen 2.5% to $25.00. Investors have been selling the bank's shares today after it announced additional charges of $1,180 million after tax ($1,683 million before tax) relating to increased provisions for customer-related remediation and a change to the application of its software capitalisation policy. These charges are expected to reduce NAB's second half cash earnings by an estimated $1,123 million after tax. Investors may be concerned this could mean a cut to its dividend is coming.
