It has been another disappointing day of trade for the S&P/ASX 200 index. In afternoon trade the benchmark index has followed the lead of U.S. markets and is down a sizeable 2% to 6,506.5 points.
Four shares that have fallen more than most today are listed below. Here's why they have crashed lower:
The Mesoblast Limited (ASX: MSB) share price is down 8% to $1.97. Investors have been selling the regenerative medicine company's shares today after it completed a $75 million institutional placement at $2.00 per share. The net proceeds from the capital raising will principally be used to build product inventory and a targeted United States sales force in preparation for the potential United States commercial launch of remestemcel-L in the treatment of pediatric steroid-refractory acute graft versus host disease.
The National Australia Bank Ltd (ASX: NAB) share price has fallen a further 3.2% to $28.08. As well as general market weakness, investors have been selling the banking giant's shares due to the higher than expected customer remediation charges that were announced yesterday. These charges are expected to reduce NAB's second half cash earnings by an estimated $1,123 million after tax.
The Nearmap Ltd (ASX: NEA) share price is down over 4% to $2.45 despite there being no news out of it. Investors appear to have been rotating out of tech shares and into risk off assets amid concerns over global economic growth and an escalating trade war. Nearmap isn't the only tech share falling heavily today. The S&P/ASX 200 Info Tech index is down 2.3% this afternoon.
The Santos Ltd (ASX: STO) share price has dropped almost 4% to $7.31. Investors have been selling energy shares today amid concerns that a slowdown in global economic growth could lessen demand for oil and gas and put pressure on prices. The S&P/ASX 200 Energy index is down 3% at the time of writing.
