It has been a volatile day of trade for the S&P/ASX 200 Index (ASX: XJO) on Friday. At the time of writing the benchmark index is trading a fraction lower at 5,545.2 points.
Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:
The Downer EDI Limited (ASX: DOW) share price is down 2.5% to $4.23. This morning Downer EDI revealed that its Spotless business has settled a class action that was commenced against it in the Federal Court. The company advised that the settlement is without admission of liability and remains subject to Federal Court approval. If approved, the pre-tax impact on Downer EDI’s results for FY 2020 will be $35 million.
The InvoCare Limited (ASX: IVC) share price has dropped almost 2.5% to $11.02. Earlier this week the funerals company issued the shares from its $74 million share purchase plan. These funds were raised at a discount of $10.40 per share. This could mean that some shareholders have decided to take a bit of profit off the table today.
The NRW Holdings Limited (ASX: NWH) share price has fallen 4% to $2.10. This decline appears to be down to profit taking after the infrastructure contractor’s shares rocketed significantly higher on Thursday. Investors were buying the company’s shares after it revealed unaudited revenue of $1.6 billion for the 10 months to April 30. This is greater than any revenue it has achieved during a full 12 months.
The Whitehaven Coal Ltd (ASX: WHC) share price has come under pressure and is down 3% to $1.69. Investors have been selling the coal miner’s shares on Friday amid concerns that it could get caught up in an Australia-China trade spat. This follows reports that some Chinese power plant operators have been instructed to not buy Australian coal.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended InvoCare Limited. 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.