In afternoon trade the S&P/ASX 200 index is on course to record its fourth decline in a row. At the time of writing the benchmark index is down 0.65% to 6,665 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The ARQ Group Ltd (ASX: ARQ) share price is down 5% to 18.5 cents. This morning the embattled online solutions provider released its full year results and revealed a reported net loss after tax of $128.9 million for FY 2019. This was due to the combination of a poor performance over the 12 months and the $85.3 million impairment of its Enterprise Business.
The Coles Group Ltd (ASX: COL) share price has fallen 4% to $14.60. A good portion of the supermarket giant's decline today can be attributed to its shares trading ex-dividend this morning. Coles will now pay eligible shareholders its fully franked 30 cents per share interim dividend in a month on March 27.
The Link Administration Holdings Ltd (ASX: LNK) share price has crashed almost 11% lower to $5.16. This follows the release of a disappointing half year update this morning. For the six months ended December 31, Link posted a 4% decline in revenue to $624 million and a 20% decline in operating earnings before interest and tax to $109 million. Looking ahead, management warned that FY 2020 operating EBITDA for the continuing business is expected to be approximately 10% lower than the prior year.
The Reject Shop Ltd (ASX: TRS) share price has dropped 8% to $3.14. This morning the discount retailer announced its half year results and an equity raising. For the six months ended December 31, Reject Shop posted a 5.3% increase in net profit after tax (pre-AASB 16) to $11.1 million. In respect to its equity raising, the company is raising $25 million of new equity through a fully underwritten 1 for 3.12 traditional non-renounceable pro-rata entitlement offer at a deep discount of $2.70 per new share.
