The S&P/ASX 200 index is off its lows but is still trading sharply lower in afternoon trade. At the time of writing the benchmark index is down 1.6% to 6,335.4 points.
Four shares that have fallen more than most today are listed below. Here’s why they are sinking lower:
The Bega Cheese Ltd (ASX: BGA) share price has fallen 4.5% to $3.87 following the release of its half year results. For the first half of FY 2020, the food company posted a 21% decline in normalised profit after tax to $15 million. Management advised that this was caused by a reduced milk supply and the softening of Chinese infant formula demand. Bega also restated its FY 2019 financial statements after identifying data errors. The company revealed that it incorrectly calculated costs of sales. This resulted in an understatement of trade and other payables of $9 million and an overstatement of inventories of $1.5 million.
The Corporate Travel Management Ltd (ASX: CTD) share price has fallen 5.5% to $13.17. Investors have been selling the corporate travel agent’s shares after VGI Partners released a report which raised five concerns with its half year results. Corporate Travel Management responded to the report by refuting the concerns. Management also suggested the timing of its release appears to be an attempt to use the current uncertainty caused by Covid-19 to promote further market uncertainty.
The Fortescue Metals Group Limited (ASX: FMG) share price has fallen heavily and is down 10% to $9.07. Whilst some of this decline is due to the market selloff, the majority of it can be attributed to its shares going ex-dividend for its mammoth interim dividend. Eligible shareholders can now look forward to being paid the iron ore producer’s fully franked 76 cents per share interim dividend on April 6.
The OceanaGold Corp (ASX: OGC) share price is down 6.5% to $2.34. OceanaGold and the rest of the gold miners have fallen heavily on Monday after a sharp pullback in the price of the precious metal on Friday night. However, a solid rebound in the gold price during Asian trade has led to many of the gold miners narrowing their declines this afternoon.