The S&P/ASX 200 index has followed the lead of international markets and tumbled lower on Monday. In afternoon trade the benchmark index is down 0.4% to 6,707.5 points.
Four shares that have fallen more than most today are listed below. Here’s why they have dropped lower:
The Bega Cheese Ltd (ASX: BGA) share price has dropped 8.5% lower to $3.95. This morning the diversified food company released an update on the impact that bushfires are having on its operations. According to the release, its operations in the Bega Valley have not been impacted by the fires, but a number of its suppliers have been. This comes at a time of unprecedented competitive milk supply conditions.
The Costa Group Holdings Ltd (ASX: CGC) share price has continued its slide and is down almost 3% to $2.42. The horticulture company’s shares have come under pressure this month following an update last week from the landlord of some of its berry operations, Vitalharvest Freehold Trust (ASX: VTH). That update revealed that bushfires had impacted the Tumbarumba berry farm.
The Qantas Airways Limited (ASX: QAN) share price is down 2.5% to $7.00 on Monday. This decline may be related to news that the airline operator has been forced to cancel flights due to the bushfires. In addition to this, this morning Aspen Group Limited (ASX: APZ) warned that the bushfires were impacting tourism.
The Sealink Travel Group Ltd (ASX: SLK) share price has fallen 5% to $4.58. As with the others, this appears to have been bushfire related. Aspen Group’s warning that tourism has been impacted by the bushfires could mean that investors are concerned that SeaLink will be suffering from fewer passengers. Especially given its exposure to Kangaroo Island and other tourist hotspots that have been impacted.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. 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.