In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of global markets and is sinking lower. At the time of writing the benchmark index is down a disappointing 1.9% to 5,360.5 points.
Four shares that have fallen more than most today are listed below. Here’s why they are tumbling lower:
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is down 3% to $6.00. This morning the regional bank released an update and withdrew its outlook statement for the second half. Outside this, Australian bank shares are under pressure today after U.S. banks were sold off following a disappointing earnings release by Bank of America.
The Lynas Corporation Ltd (ASX: LYC) share price has fallen 5.5% to $1.53. On Wednesday the rare earths producer released an update on its Malaysian operations. According to the release, the Malaysian government has extended its Movement Control order until April 28 to prevent the spread of the coronavirus. In addition to this, the prices of rare earth minerals have fallen heavily recently.
The Santos Ltd (ASX: STO) share price is down 3.5% to $4.23. This follows a collapse in oil prices to 18-year lows overnight. In other news, this morning Santos revealed that it has signed a Letter of Intent to sell a 12.5% interest in Barossa to JERA. The company notes that this advances partner alignment between the Darwin LNG and Barossa joint ventures for the development of Barossa as backfill for Darwin LNG.
The Transurban Group (ASX: TCL) share price has dropped 4.5% to $12.31 following the release of its third quarter update. The toll road operator’s update revealed that traffic volumes have almost halved over the last few weeks. Group traffic volumes for the week commencing March 29 were down 48%. This has continued into April, with traffic volumes down 47% during the week starting April 5.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Transurban 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.