In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is tumbling sharply lower. At the time of writing the benchmark index is down a sizeable 1.4% to 6,991.9 points.
Four shares that have fallen more than most today are listed below. Here’s why they are sinking notably lower:
The Crown Resorts Ltd (ASX: CWN) share price has dropped 4.5% to $11.50. Investors have been selling Crown and other travel shares due to concerns over the outbreak of coronavirus. The casino and resorts operator could be negatively impacted if travel restrictions lead to fewer Chinese VIPs visiting its casinos in 2020.
The NRW Holdings Limited (ASX: NWH) share price has fallen 5.5% to $3.17. Investors have been selling the contract services provider’s shares after it reported the tragic death of an employee. This follows a serious accident at the Roy Hill Iron Ore Mine in Western Australia on Monday.
The Oil Search Limited (ASX: OSH) share price has sunk 8% lower to $7.10. As well as coming under pressure from a pullback in oil prices, investors have been selling Oil Search’s shares following its fourth quarter update. That update revealed an 11% decline in fourth quarter revenue. It also provided its expectations for FY 2020 and revealed total production guidance of 27.5 – 29.5 mmboe and production costs guidance of US$11.0 – US$ 12.0 per boe.
The Webjet Limited (ASX: WEB) share price has crashed 11% lower to $12.78. This follows the release of a broker note out of Morgan Stanley this morning. According to the note, the broker has downgraded Webjet’s shares to an underweight rating and slashed the price target on them by almost 20% to $10.00. It believes Google is negatively impacting its B2C business. Coronavirus concerns are also weighing on its shares today.
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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 Crown Resorts Limited. The Motley Fool Australia has recommended Webjet 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.