It has been a volatile day of trade for the S&P/ASX 200 Index (ASX: XJO). After giving back all its morning gains and dropping into the red, the benchmark index is now up 0.15% to 5,330.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:
The Beach Energy Ltd (ASX: BPT) share price is down 4% to $1.27. Investors have been selling energy shares again today after oil prices crashed lower overnight. Traders were selling oil due to concerns that worldwide storage could soon fill as the coronavirus pandemic continues to hurt demand. At the time of writing, the WTI crude oil price is down a further 15% to US$10.90 a barrel.
The Mesoblast limited (ASX: MSB) share price is down 15% to $3.26. This decline appears to have been driven by profit taking after some stellar gains this month. Investors have been buying Mesoblast’s shares due to the release of a trial update last week. That trial revealed very promising results for ventilator-dependent COVID-19 patients with moderate to severe acute respiratory distress syndrome.
The Monash IVF Group Ltd (ASX: MVF) share price has crashed 23% lower to 54.5 cents. The catalyst for this decline was the completion of the fertility treatment company’s placement to institutional and sophisticated investors. Monash IVF has raised $65 million at a deep discount of 52 cents per new share. The company will now seek to raise $15 million from retail shareholders. These funds will be used to strengthen its liquidity position.
The Select Harvests Limited (ASX: SHV) share price is down 3% to $6.93. Investors have been selling the almond grower’s shares after the release of a trading update today. Management advised that growing conditions have been close to perfect in the United States. In light of this, a larger crop is expected, which is leading to pricing weakness. However, underlying demand remains strong and the company is confident consumption will continue to grow as distribution channels return to normal.
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