The S&P/ASX 200 index is on course to end the week on a very disappointing note. At the time of writing the benchmark index is down 0.65% to 6,642.1 points.
Four shares that are falling more than most today are listed below. Here's why they are ending the week in the red:
The Afterpay Touch Group Ltd (ASX: APT) share price is down 8% to $29.46. The payments company's shares have come under significant pressure this week following the release of a broker note out of UBS on Wednesday. According to the note, the broker initiated coverage on Afterpay with a sell rating and $17.25 price target. At one stage today the company's shares were down 8.5% to $19.21. This stretched their three-day decline to 20%. In addition to this, news that the RBA is looking into the BNPL industry is an added blow.
The Fluence Corporation Ltd (ASX: FLC) share price has sunk 8.5% to 45.7 cents. This morning the decentralised water, wastewater treatment, and reuse solutions provider announced the successful completion of a $36 million capital raising. The company raised more than originally planned ($30 million) due to strong demand from institutional investors. The funds were raised at a discount of 44 cents per share.
The LiveTiles Ltd (ASX: LVT) share price has dropped almost 5% to 30 cents. The intelligent workplace platform provider's shares have come under pressure this week following a soft quarterly update. Despite acquisitions, a significant investment in sales and marketing, and capital raisings, LiveTiles only grew its annual recurring revenues by 7% in the first quarter. This has raised questions over whether it will be able to achieve its aim of growing its ARR organically to $100 million by June 2021.
The St Barbara Ltd (ASX: SBM) share price has crashed 9% lower to $2.53. This morning the gold miner downgraded its production guidance for FY 2020 due to issues at its Gwalia operation. According to the release, gold production for Gwalia is now expected in the range of 175,000 and 190,000 ounces, down from 200,000 to 210,000 ounces. The lower production also means an increase in costs per ounce for Gwalia in FY 2020.
