Why CSL, Elders, Evolution, & Xero shares are dropping lower

CSL Limited (ASX:CSL) and Xero Limited (ASX:XRO) shares are two of four that are dropping notably lower on Tuesday. Here's why…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) has returned from the long weekend in fine form. In late morning trade the benchmark index is up over 2.5% to 6,150.9 points.

Four shares that have failed to follow the market higher today are listed below. Here's why they are dropping lower:

The CSL Limited (ASX: CSL) share price is down 2.5% to $277.77. This appears to be down to concerns that the company's plasma collection network has been disrupted by the pandemic. This could have a knock-on effect on its FY 2021 performance. These concerns have offset an announcement that reveals that CSL has agreed to acquire biotech company Vitaeris this morning.

The Elders Ltd (ASX: ELD) share price has fallen over 3% to $9.22. This decline could be down to profit taking after a strong share price gain year to date. Prior to today, the agribusiness company's shares were up over 47% since the start of the year. Investors have been buying agriculture shares due to improving trading conditions and their defensive qualities.

The Evolution Mining Ltd (ASX: EVN) share price is down 3% to $5.43. The catalyst for this decline was a sharp pullback in the gold price on Friday night. And although the precious metal rebounded last night, it wasn't enough to stop the gold miners from being sold off today. Especially with investors switching to risk on assets en masse today. The S&P/ASX All Ordinaries Gold index is down 1.75% on Monday.

The Xero Limited (ASX: XRO) share price has fallen almost 3% to $85.05. Investors may be taking profit off the table after some strong gains by the business and accounting platform provider's shares in recent weeks. In fact, last week the Xero share price climbed to a record high of $91.49. When its shares hit that level, they were up 15% year to date.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. and Xero. The Motley Fool Australia has recommended Elders 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.

More on Share Fallers

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Burgundy Diamond Mines, Clarity Pharmaceuticals, EML, and Zip are sinking today

These ASX shares are ending the week in the red. But why?

Read more »

A worried man holds his head and look at his computer.
Share Fallers

Why 29Metals, Brainchip, Platinum, and Premier Investments shares are falling today

These ASX shares are having a tough time on hump day.

Read more »

Man with his head in his head because of falling share price.
Share Fallers

Why 29Metals, Atlas Arteria, IDP Education, and Mineral Resources shares are falling

These ASX shares are having a tough time on Tuesday. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why ALS, EOS, NRW, and Patriot Battery Metals are dropping today

These ASX shares are starting the week in the red.

Read more »

A man looking at his laptop and thinking.
Technology Shares

Why are these ASX tech shares getting smashed today?

Owners of these two stocks are missing out today.

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why AGL, Brickworks, IGO, and New Hope shares are dropping today

These ASX shares are having a poor session. But why?

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Amcor, Arafura, Brainchip, and South32 shares are tumbling today

These ASX shares are having a tough time on hump day. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why Aussie Broadband, Liontown, Metals Acquisition, and Seek shares are falling

These ASX shares are having a poor session. But why?

Read more »