The S&P/ASX 200 index is struggling to keep its head above water in afternoon trade. At the time of writing the benchmark index is down slightly to 6,846.2 points.
Four shares that are falling more than most today are listed below. Here’s why they are tumbling lower:
The Lynas Corporation Ltd (ASX: LYC) share price is down 4% to $2.47. Investors have been selling the rare earths producer’s shares after it provided an update on its processing limits in Malaysia. According to the release, Lynas has been unsuccessful in obtaining Malaysian regulatory approval for an increase in the lanthanide concentrate processing limit for calendar year 2019.
The Sigma Healthcare Ltd (ASX: SIG) share price is down a further 6% to 56 cents. The pharmacy chain operator and distributor’s shares have fallen heavily this week after rival Australian Pharmaceutical Industries Ltd (ASX: API) sold off its shareholding in the company. The rival pharmacy chain operator decided to offload its holding of 137,264,592 shares at a reported price of 60 cents per share after merger talks fell through.
The Smartgroup Corporation Ltd (ASX: SIQ) share price is sinking lower again and is down a further 6.5% to $7.08. The salary packaging and fleet management company’s shares have come under pressure this week after the release of a profit warning. This hasn’t gone down well with brokers. Both Macquarie and Credit Suisse have downgraded its shares from an outperform rating to neutral following the update.
The Virgin Money UK PLC (ASX: VUK) share price has fallen over 6% to $3.84. This decline appears to be down to profit taking from investors after some stellar gains following the UK election and the release of its final results. Even after today’s decline, Virgin Money’s shares are up almost 44% since this time last month.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.