In afternoon trade the S&P/ASX 200 index has come under pressure and is trading notably lower. At the time of writing the benchmark index is down 0.75% to 6,701.9 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The FAR Ltd (ASX: FAR) share price has crashed 24% lower to 4.1 cents. This follows the announcement of a conditional placement to raise $146 million at 4.25 cents per share. This was a 21.3% discount to FAR's last closing price. The proceeds from the placement form part of the planned financing package to fund FAR's capital expenditures to first oil for the Sangomar Oil Field development, working capital, and transaction costs.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has fallen 11% to $2.78. This is despite the biopharmaceutical company releasing an end of year update this morning. That update reminded investors of the developments it has made in 2019 and its plans for the new year. Paradigm's shares have now lost 25% of their value since this time last week.
The Pro Medicus Limited (ASX: PME) share price is down 4% to $20.94 despite there being no news out of the healthcare technology company. A good number of tech shares are tumbling lower today. This has led to the S&P/ASX 200 Info Tech index falling by 1.3% this afternoon.
The Redbubble Ltd (ASX: RBL) share price is down a massive 43% to $1.04. Investors have been hitting the sell button following the release of a trading update. According to the release, Redbubble estimates that Group Marketplace Revenue for the second quarter to date is up 20% on the prior corresponding period. This is below its expectations and has been driven by the underperformance of its Redbubble branded marketplace. Management blamed increased price competition in Redbubble's market leading sticker position.
