In afternoon trade the S&P/ASX 200 index has recovered some of its morning losses but is still trading notably lower. The benchmark index is down 1.1% to 6,901.8 points at the time of writing.
Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:
The MNF Group Ltd (ASX: MNF) share price has dropped almost 9% to $4.29 following its first half results release. During the half, MNF delivered a 14% increase in revenue to $112 million and a 52% lift in EBITDA to $16.9 million. Whilst this was strong, management’s guidance for the full year appears to have spooked investors. It has downgraded its net profit after tax guidance from between $13.5 million and $15.5 million to the range of $10 million to $12 million.
The Mosaic Brands Ltd (ASX: MOZ) share price has fallen 13.5% to $1.55. Investors have been selling the fashion retailer’s shares after the release of a disappointing half year result this morning. Due largely to the negative impact of the bushfire tragedy on 20% of its stores, Mosaic reported 10.9% decline in half year revenue to $413.8 million. And while the bushfire impact appears to be easing, the company now faces potential disruption to its China supply chain caused by the coronavirus outbreak.
The Wagners Holding Company Ltd (ASX: WGN) share price has crashed 17.5% lower to $1.47. This follows the release of the building products supplier’s half year results. Although Wagners posted just a slight decline in revenue, its EBIT fell by over 84% to $2.5 million during the half. Management blamed this profit decline on higher operating costs. Looking ahead, the company has downgraded its full year EBIT guidance to a range of $12.5 million to $17.5 million.
The Webjet Limited (ASX: WEB) share price is down 6% to $11.65. Global travel stocks were sold off overnight after the market began factoring in the increase in coronavirus cases in Italy and South Korea. There are concerns that travel bookings will be subdued for a longer than expected period if coronavirus cases outside of China continue to increase.
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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 MNF Group Limited. The Motley Fool Australia has recommended MNF Group Limited and 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.