It has been another disappointing day of trade for the S&P/ASX 200 index. The benchmark index is currently down a sizeable 0.7% to 6,642.5 points due largely to weakness in the banking sector.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
The Australia and New Zealand Banking Group (ASX: ANZ) share price is down over 3.5% to $26.63. Investors have been selling the banking giant's shares following the release of its full year results. Although the bank's cash profits fell just a touch short of expectations, its decision to only partially frank its final dividend surprised the market. ANZ will be franking the dividend at 70% due to changes in its business shape and softness in its local operations.
The Bubs Australia Ltd (ASX: BUB) share price is down 6.5% to $1.10 following the release of its first quarter update. Although Bubs delivered very strong growth over the prior corresponding period, its sales performance has weakened quarter on quarter. During the first quarter Bubs posted revenue of $14.21 million. This was 58% higher than the same time last year, but 23% lower than the $18.46 million generated in the fourth quarter.
The Jumbo Interactive Ltd (ASX: JIN) share price has fallen 3.5% to $22.47. This appears to be due to profit taking after a stellar run in 2019. This latest decline means that Jumbo's shares are down almost 20% from their 52-week high of $27.92. However, despite this recent share price weakness, its shares are still up 200% year to date.
The Pro Medicus Limited (ASX: PME) share price has continued its slide and is down a further 5% to $26.84. Investors have been selling the healthcare technology company's shares this month due to news that a rival won a major contract in Western Australia. Medical imaging software provider Canon signed a $47.2 million contract which will see it roll out a new medical imaging system for WA Health.
