The S&P/ASX 200 index (ASX: XJO) is on course to record another sizeable decline on Thursday. In afternoon trade the benchmark index is down 5.25% to 5,425.1 points.
Four shares that are falling more than most today are listed below. Here’s why they are tumbling lower:
The Caltex Australia Limited (ASX: CTX) share price is down 12% to $24.28. This follows the release of a trading update this morning by the fuel retailer. While Caltex has not experienced a decline in demand in Australian gasoline and diesel markets, it noted that jet fuel demand has been impacted by flight cancellations. The company also revealed that its Caltex Refiner Margin (CRM) fell 28.4% month on month in February to US$4.14 per bbl.
The Mesoblast Limited (ASX: MSB) share price has sunk 17.5% lower to $1.49. This means the allogeneic cellular products developer’s shares have now given back all the strong gains they made earlier this week and significantly more. Investors were buying Mesoblast’s shares after it advised that it intends to evaluate its remestemcel-L product in patients with acute respiratory distress syndrome caused by coronavirus in the United States, Australia, China, and Europe.
The PointsBet Holdings Ltd (ASX: PBH) share price has dropped over 23% to $2.56. On a better day, this sport betting company’s shares would have zoomed higher today after the release of a positive update. However, with the market melting down, it is sinking along with it. PointsBet announced a deal with LaLiga North America this morning.
The Webjet Limited (ASX: WEB) share price is down 17% to $5.75. Investors have been selling Webjet and its travel booking peers after the United States banned travel from Europe. President Trump announced that he would ban travel from Europe (excluding the UK) from Friday for 30 days in an effort to fight the spread of the coronavirus.
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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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and Webjet 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.