The S&P/ASX 200 index has followed the lead of U.S. markets and is dropping lower today. At the time of writing the benchmark index is down 0.15% to 6,719.8 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Cann Group Ltd (ASX: CAN) share price has continued its slide and is down a further 6% to 38.5 cents. At one stage today the cannabis company's shares hit a record low of 37.5 cents. When they reached that level it meant they were down over 81% since the start of the year. The market appears concerned with Cann's prospects due to an oversupply of cannabis.
The Novonix Ltd (ASX: NVX) share price has fallen 5.5% to 59.5 cents. This is despite the company announcing on Monday that it has signed a conditional agreement to supply lithium-ion battery anode material to Samsung SDI. It is a South Korea-based an international manufacturer of lithium-ion batteries. In response to this news, this morning Morgans upgraded its shares to a speculative buy with a 90 cents price target.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price is down 4.5% to $3.41 despite there being no news out of the biopharmaceuticals company. However, its shares have been on fire in 2019. So, this decline could be due to profit taking from some investors. Prior to today, Paradigm's shares were up 260% since the start of the year.
The TOWER Limited (ASX: TWR) share price has fallen almost 3% to 71 cents. This follows the announcement that the New Zealand-based insurance company's CEO, Richard Harding, will not be extending his contract. He intends to exit the role in 2020 and return to Australia. The Tower board has now started a global search for a new CEO and will consider internal applicants.
