The S&P/ASX 200 index is on course to start the week on a disappointing note. In early afternoon trade the benchmark index is down 0.25% to 7,112.1 points.
Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:
The IDP Education Ltd (ASX: IEL) share price is down 3.5% to $22.68. This decline may be down to profit taking after a stellar gain last week. The student placement and language testing company was the best performer on the ASX 200 with a massive 36.4% weekly gain. Investors were scrambling to buy shares after it delivered a 53% increase in half year EBITDA to $106.2 million.
The Jumbo Interactive Ltd (ASX: JIN) share price is down a further 5% to $12.39. This is despite there being no news out of the lottery ticket seller. However, its half year results are due to be released imminently. This could mean that some investors are concerned that its profit growth will underwhelm due to its investment in growth opportunities.
The Karoon Energy Ltd (ASX: KAR) share price has tumbled 5% lower to $1.06. This energy company’s shares have come under pressure on Monday after providing an update on drilling activities in Peru. That update revealed that drilling at the Marina‐1 exploration encountered just thin water bearing sands with no oil and only minor gas shows. In light of this, final logging is now being completed and Marina‐1 will be plugged and abandoned.
The Pro Medicus Limited (ASX: PME) share price has fallen almost 5% to $23.84. This health imaging company’s shares have been very volatile since the release of its half year update last week. Pro Medicus reported a 32.7% increase in net profit after tax to $12.1 million during the half. I suspect that some investors were expecting even stronger growth given the lofty multiples its shares are trading on.
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Returns as of 6th October 2020
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 and recommends Jumbo Interactive Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia has recommended Jumbo Interactive Limited. 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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