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Why Accent, HUB24, Perpetual, & Xero shares are sinking lower

The S&P/ASX 200 index has followed the lead of U.S. markets and is tumbling lower on Wednesday. At the time of writing the benchmark index is down 1% to 6,372.6 points.

Four shares that have fallen more than most today are listed below. Here’s why they are sinking lower:

The Accent Group Ltd (ASX: AX1) share price is down almost 7% to $1.49. The driver of a good portion of this decline was the footwear-focused retailer’s shares trading ex-dividend this morning for its interim dividend. Eligible Accent Group shareholders can look forward to being paid its fully franked 5.3 cents per share dividend in a couple of weeks on March 19.

The HUB24 Ltd (ASX: HUB) share price is down a further 4% to $8.97. Earlier today the investment platform provider’s shares fell to a multi-year low of $8.89 amid concerns that the Reserve Bank’s rate cut could have a negative impact on its growth. HUB24 benefits from the interest income earned on cash balances on its platform that are waiting to be deployed.

The Perpetual Limited (ASX: PPT) share price has tumbled 8.5% lower to $35.54. As with Accent Group, a portion of this decline is attributable to its shares trading ex-dividend this morning for the investment company’s interim dividend. Eligible Perpetual shareholders will now be paid its fully franked $1.05 per share interim dividend in just over three weeks on March 27.

 The Xero Limited (ASX: XRO) share price is down 4% to $76.81. This appears to have been driven by weakness in the tech sector after a sizeable decline on the technology-focused Nasdaq index overnight. This weakness seems to have been triggered by a surprise rate cut by the U.S. Federal Reserve which unsettled markets. Xero isn’t the only tech share tumbling lower. At the time of writing the S&P/ASX 200 information technology index is down by a sizeable 3.1%. 

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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 Hub24 Ltd. The Motley Fool Australia owns shares of Xero. The Motley Fool Australia has recommended Accent Group and Hub24 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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