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.
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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 Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration Holdings 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.
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