The S&P/ASX 200 index has followed the lead of U.S. markets and is on course to start the week on a very disappointing note. In afternoon trade the benchmark index is down a sizeable 2.3% to 6,972.1 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Ardent Leisure Group Ltd (ASX: ALG) share price has crashed 21% lower to $1.11. Investors have been selling the entertainment company's shares following the release of the Dreamworld inquest. According to the ABC, the inquest found the design and construction of Dreamworld's Thunder River Rapids ride posed a "significant risk" to customer safety. It also found the park's systems were "frighteningly unsophisticated".
The Audinate Group Ltd (ASX: AD8) share price has sunk 15% lower to $6.46 following the release of its first half results. Investors appear disappointed by a slowdown in Audinate's revenue growth during the first half of FY 2020. Due to tariffs and delays in launches, the leading audio-visual networking technologies provider delivered a 7.7% increase in revenue to US$11.1 million. It also warned that macro-economic conditions, US tariffs, and the coronavirus outbreak could impact its second half results.
The NIB Holdings Limited (ASX: NHF) share price is down over 8% to $4.89. This morning the private health insurer reported a 6.4% increase in first half group underlying revenue to $1.3 billion but a 27.2% decline in underlying operating profit to $83.2 million. The company's profits were impacted by higher claims inflation across its insurance businesses and the timing in the receipt and payment of claims that impacted its unpaid claims reserves.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has crashed 26% lower to $3.42 following the release of plumbing parts company's half year results release. Although Reliance Worldwide posted a 5% increase in net sales to $569 million, its adjusted NPAT fell heavily over the prior corresponding period. Adjusted NPAT fell 21% to $63.7 million. This led to management downgrading its full year guidance.
