The S&P/ASX 200 Index (ASX: XJO) is having a mixed day and is down slightly in late morning trade. At the time of writing the benchmark index is down a few points to 6,011.2 points.
Four shares that are falling more than most today are listed below. Here's why they are dropping lower:
The Afterpay Ltd (ASX: APT) share price has fallen 1.5% to $67.02. This follows the successful completion of the payments company's institutional placement. Afterpay raised $650 million via a placement which was strongly supported by existing and new shareholders. As a result of the support, the placement price rose to $66.00 per new share. This represents a discount of just 2.9% to its last close price and compares favourably to its underwritten floor price of $61.75 per new share.
The Alumina Limited (ASX: AWC) share price is down 5% to $1.62. This morning the company revealed that the ATO is going after the local operation of US aluminium giant Alcoa. Alumina has a 40% interest in the business. The tax office has hit Alcoa of Australia with a bill of over $900 million due to transfer pricing allegations.
The Magellan Financial Group Ltd (ASX: MFG) share price has dropped 1.5% to $63.17. This morning analysts at Citi downgraded the fund manager's shares to a neutral rating with a $66.00 price target. Although it is a fan of the company, it appears to believe its shares are fully valued now. On Tuesday Magellan released its latest funds under management update and revealed net fund inflows of $249 million.
The Webjet Limited (ASX: WEB) share price is down 3% to $3.19. A number of travel shares have been sold off today amid concerns over the recovery of the domestic travel market. This follows the announcement of a six-week lockdown in Melbourne after a spike in coronavirus cases. These latest lockdowns will impact around five million people.
