In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is fighting hard to remain in positive territory after giving back a good portion of its morning gains. At the time of writing the benchmark index is up 0.35% to 5,015.3 points.
Four shares that are acting as a drag on proceedings today are listed below. Here's why they are dropping lower:
The AMP Limited (ASX: AMP) share price is down 2.5% to $1.11. This morning the embattled financial services company withdrew its FY 2020 guidance due to the coronavirus outbreak. AMP had previously forecast that total investment spend would be between $450 million and $650 million in FY 2020. And after adjusting for the AMP Life sale, FY 2020 underlying profit was expected to be similar to what it achieved in FY 2019.
The Commonwealth Bank of Australia (ASX: CBA) share price is down almost 4% to $60.08. Investors appears to be taking profit on the big four banks on Thursday after some strong gains this week. At the time of writing, all four major banks have given back their morning gains and are in the red.
The Northern Star Resources Ltd (ASX: NST) share price has crashed 12% lower to $11.93. Investors have been selling the gold miner's shares following the release of an update this morning. According to the release, the company has withdrawn its guidance and deferred the payment of its dividend until October. Management made the move due to the uncertainty caused by the coronavirus outbreak.
The Vicinity Centres (ASX: VCX) share price has dropped almost 7% to $1.04. Investors appear concerned by the growing number of retailers that have decided to close their doors for the next few weeks. In addition to this, one of those retailers, Premier Investments Limited (ASX: PMV), this morning revealed that it intends to pay no rent whilst its shops are closed.
