In afternoon trade the S&P/ASX 200 index looks set to end its winning run with a disappointing decline. At the time of writing the benchmark index is down 0.45% to 7,048.7 points.
Four shares that have fallen more than most today are listed below. Here’s why they are tumbling lower:
The HUB24 Ltd (ASX: HUB) share price is down almost 2% to $11.70 following the release of its half year update. In the second quarter HUB24 posted a 67% increase in quarterly net inflows to $1,259 million. This ultimately led to the investment platform provider recording record first half net inflows of $2.5 billion for the six months ended 31 December. Whilst this was ahead of expectations, it wasn’t enough to offset weakness in the tech sector today.
The Kogan.com Ltd (ASX: KGN) share price has dropped a further 5% to $5.85. The ecommerce company’s shares have continued to sink lower following the release of a surprisingly disappointing first half update on Monday. Kogan’s update revealed that its first half gross sales and gross profit grew 16% and 9%, respectively, over the prior corresponding period. The latter is a sharp slowdown from gross profit growth of 28% in the first quarter. Management didn’t provide a thorough explanation for the downturn in sales growth.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has tumbled 3.5% lower to $8.69. This morning analysts at Macquarie downgraded the airport operator’s shares to a neutral rating with an $8.68 price target. This follows the release of its December update which revealed improvements in domestic passenger numbers but a decline in international travellers. The broker feels that its shares look fully valued at current levels.
The WiseTech Global Ltd (ASX: WTC) share price is down 3.5% to $23.98 despite there being no news out of the logistics solutions company. However, a number of tech shares have come under pressure on Tuesday. This has led to the S&P/ASX 200 Info Tech index trading 1.3% lower this afternoon.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Hub24 Ltd. The Motley Fool Australia owns shares of and has recommended Sydney Airport Holdings Limited. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended Hub24 Ltd and Kogan.com ltd. 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.
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