The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is tumbling lower in morning trade. At the time of writing the benchmark index is down 1% to 5,908.1 points.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
The Evolution Mining Ltd (ASX: EVN) share price is down 3% to $5.44. Investors have been selling Evolution after even the gold price came under pressure overnight during the market selloff. It isn't just Evolution tumbling lower. The S&P/ASX All Ordinaries Gold index is down 2% at the time of writing.
The IDP Education Ltd (ASX: IEL) share price is down 4% to $15.60. This follows an announcement which reveals that The Board of Education Australia has sold 14,062,999 shares via an underwritten block trade of shares to institutional investors. Education Australia received $219 million for the shares, which equates to $15.55 per share. Following the sale, Education Australia retains 111,334,485 IDP shares, which represents 40% of its issued share capital.
The Oil Search Limited (ASX: OSH) share price is down 3.5% to $3.18. Investors have been selling Oil Search and other energy shares on Thursday after a pullback in oil prices overnight. Concerns over record U.S. crude inventories and a spike in COVID-19 cases led to WTI crude oil falling almost 6% during overnight trade.
The Webjet Limited (ASX: WEB) share price has fallen 5.5% to $3.50. A number of travel companies have come under pressure today amid concerns over the state of the domestic travel market following a spike in COVID-19 cases in Victoria. In addition, this morning Qantas Airways Limited (ASX: QAN) announced a $1.9 billion capital raising. Investors may be interpreting this move as a sign that the domestic travel market recovery might not be as smooth as first hoped.
