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Why Brickworks, LNG, oOh!Media, & Scentre shares are sinking lower

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The S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is on course to end the week in the red. In afternoon trade the benchmark index is down 1.1% to 5,057 points.

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

The Brickworks Limited (ASX: BKW) share price is down over 5% to $14.24. This decline appears to have been triggered by a broker note released today in response to its half year results. Analysts at Morgans have retained their hold rating but cut the price target on its shares to $14.98. The broker made the move largely on the building products company’s uncertain outlook.

The Liquefied Natural Gas Ltd (ASX: LNG) share price is down 15% to 8.4 cents after returning from its suspension. This morning the company provided an update on the LNG9 takeover and bridge funding proposal. According to the release, First Wall Street Capital has advised the company that it will not provide funds according to the terms of the legally binding Secured Convertible Note Subscription Deed.

The oOh!Media Ltd (ASX: OML) share price has crashed 27% lower to 61.5 cents. This morning the outdoor advertising and media company’s shares returned from a trading halt after raising approximately $156 million through an institutional entitlement offer. These funds were raised at 53 cents per share, which was a deep discount to its last close price. Management notes that this provides it with significant liquidity to trade through the uncertain times ahead.

The Scentre Group (ASX: SCG) share price has tumbled 11% lower to $1.53. The shopping centre operator has been a strong performer this week. This could mean that some investors are taking profit on its shares today. In addition to this, news that Premier Investments Limited (ASX: PMV) plans to pay no rent during the next few weeks could be weighing on investor sentiment.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended Brickworks, oOh!Media Ltd, and Scentre Group. 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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