Although it is off its lows, the S&P/ASX 200 index is still on course to open the week with a decline. In afternoon trade the benchmark index is down 0.1% to 6,643.5 points.
Four shares that have fallen more than most today are listed below. Here’s why they have sunk lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has continued its slide and is down a further 4% to $28.50. Investors have hit the sell button despite the payments company providing a response to concerns that the RBA is looking into the BNPL industry. Afterpay advised that it has not been contacted by the central bank but welcomes the opportunity to engage with it as part of a broad based, periodic review of the payments industry. It also defended its business model and highlighted the many benefits that its platform brings to both consumers and retailers.
The Syrah Resources Ltd (ASX: SYR) share price has fallen over 5.5% to 41.5 cents. After the market close on Friday, the graphite producer announced plans to cut its production materially in FY 2020. It is also aiming to cut its cash costs by upwards of 25% in an attempt to offset weakening graphite prices. However, these cost reductions will still not make its Balama operation profitable unless there is a decent rebound in prices.
The Treasury Wine Estates Ltd (ASX: TWE) share price has crashed over 11% lower to $16.52. Investors have been hitting the sell button today after the global wine giant announced that its highly respected CEO would retire in 12 months. According to the release, CEO Michael Clarke intends to return to the UK to spend time with his family. He will be replaced by the company’s chief operating officer, Tim Ford.
The WiseTech Global Ltd (ASX: WTC) share price sank a further 12% to $26.30 this morning before being placed in a trading halt. The logistics solutions company’s shares have been crushed since the release of a scathing short seller attack by J Capital last week. The release of a follow up report this morning led to its shares being placed in another trading halt today.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Treasury Wine Estates Limited. 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.