In late morning trade the S&P/ASX 200 Index (ASX: XJO) is edging lower following heavy declines in the banking sector. At the time of writing the index is down 0.1% to 5,237.1 points.
Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:
The Beach Energy Ltd (ASX: BPT) share price is down 2.5% to $1.33. Investors have been selling Beach and other energy shares after oil prices tumbled lower this morning. According to CNBC, WTI crude oil is down 6% to US$15.94 a barrel and Brent crude oil is 1.5% lower to US$21.13 a barrel. Concerns over demand continue to weigh on prices.
The Newcrest Mining Limited (ASX: NCM) share price is down 1.5% to $28.15. A number of gold miners have edged lower today after a subdued finish to the week for the gold price. In addition to this, investors may be taking a bit of profit off the table after stellar gains last week. At the time of writing the S&P/ASX All Ordinaries Gold index is down 0.5%.
The Volpara Health Technologies Ltd (ASX: VHT) share price has fallen 3.5% to $1.23. The medical technology company’s shares have been on a downward trend over the last couple of weeks. Not even a quarterly update last week which revealed a 354% increase in cash receipts during the fourth quarter has been able to stop the decline.
The Westpac Banking Corp (ASX: WBC) share price is down 4.5% to $14.62. This follows the release of the half year result of rival National Australia Bank Ltd (ASX: NAB) this morning. NAB brought forward its release day by around 10 days and revealed the more than halving of its cash earnings. It also announced a $3.5 billion capital raising. Investors may believe Westpac and Australia and New Zealand Banking Group (ASX: ANZ) will do the same with the release of their upcoming results.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of VOLPARA FPO NZ. The Motley Fool Australia has recommended VOLPARA FPO NZ. 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.
- Would Warren Buffett buy a2 Milk Company shares? – August 9, 2020 12:00pm
- Why ResMed shares could be a fantastic buy and hold option – August 9, 2020 11:12am
- Cash rate on hold until after 2022? Buy these ASX dividend shares – August 9, 2020 10:59am