In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing the benchmark index is down 0.7% to 5,448 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Afterpay Ltd (ASX: APT) share price is down 4% to $27.28. Investors have been selling the payments company's shares after it was downgraded by Goldman Sachs. According to the note, the broker has downgraded Afterpay to a neutral rating from buy and placed a $25.75 price target on its shares. Goldman made the move largely on valuation grounds after its shares zoomed past its price target following the release of a strong business update.
The BlueScope Steel Limited (ASX: BSL) share price is down 6% to $10.35. This decline appears to have been driven by a couple of factors. The first is a material increase in Chinese steel exports, which is likely to soften the regional supply/demand balance. In addition to this, Citi has downgraded BlueScope's shares to a neutral rating from buy. It believes steel demand will fall significantly in 2020 because of the coronavirus pandemic.
The Corporate Travel Management Ltd (ASX: CTD) share price has fallen 8% to $11.06 on the back of no news. However, concerns over how long it will be until international travel returns to normal could be weighing on its shares. There is speculation that borders will not reopen until 2021. This could lead to a prolonged decline in demand for its services.
The Santos Ltd (ASX: STO) share price has fallen 4% to $4.37. Investors have been selling Santos and the rest of Australia's leading energy producers after oil prices crashed lower. Traders have continued to sell oil despite the recent production cuts announced by OPEC and its allies. The oil cartel have agreed to cut production by 9.7 million barrels of oil per day.
