The S&P/ASX 200 index has given back yesterday's gains and more. In afternoon trade the benchmark index is down 1.8% to 6,281.3 points.
Four shares that have fallen more than most today are listed below. Here's why they are tumbling lower:
The AVITA Medical Ltd (ASX: AVH) share price is down almost 7% to 59.2 cents. This appears to be due to profit taking after the regenerative medicine company's shares pushed higher this week following a couple of positive announcements. These announcements relate to studies involving its RECELL System.
The Computershare Limited (ASX: CPU) share price has fallen 5% to $13.07. Investors have been selling the stock transfer company's shares after it was the subject of a reasonably negative broker note. According to the note out of Credit Suisse, it has downgraded Computershare's shares to a neutral rating and slashed the price target on them to $15.25. This was in response to falling interest rate and equity market volatility.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has dropped a further 6.5% to $26.60. This appears to have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded the travel company's shares to a lighten rating and cut the price target on them to $25.49. Ord Minnett believes the coronavirus could have a material impact on its earnings in 2020.
The National Australia Bank Ltd (ASX: NAB) share price has tumbled 4% lower to $22.34. The big four banks have come under pressure on Friday amid concerns that they could experience a spike in small business bad debts because of the coronavirus outbreak. This led to Credit Suisse downgrading NAB's shares to a sell rating and slashing the price target on them by 18% to $22.90. It feels NAB's exposure to SME lending could leave it more at risk.
