In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing the benchmark index is down 0.5% to 5,945.7 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Afterpay Ltd (ASX: APT) share price is down 7.5% to $66.26. Investors appear to be taking profit in the tech sector after some stellar gains in recent weeks. At the time of writing the S&P/ASX 200 Information Technology index is down a sizeable 3.8%. Overnight on Wall Street the technology-focused Nasdaq index was up as much as 1.9% before ending the day 2.1% lower.
The Altium Limited (ASX: ALU) share price has fallen 2.5% to $32.64. This follows the release of the electronic design software company's sales update for FY 2020 this morning. As management previously warned, Altium fell short of its US$200 million aspirational revenue target because of the pandemic. It delivered a 10% increase in revenue to US$189 million. This means Altium has now recorded eight consecutive years of double-digit revenue growth.
The Northern Star Resources Ltd (ASX: NST) share price is down 3% to $14.43. Investors have been selling the gold miner's shares after the price of the precious metal weakened during Asian trade. According to CNBC, the spot gold price is currently down 0.75% to US$1,800.30. Northern Star isn't the only gold miner dropping lower. The S&P/ASX All Ordinaries Gold index is down 2.5% at the time of writing.
The Pushpay Holdings Ltd (ASX: PPH) share price has crashed 10.5% lower to $7.79. The donor management system provider's shares have come under pressure today after shareholders associated with the Huljich family entered into a block trade agreement to sell 25% of their stake. The sellers agreed a price of at least NZ$8.60 per share for the 14,406,494 shares, which represents a total sale price of ~NZ$123.9 million. This sale price was a 7% discount to the last close price of its New Zealand-listed shares.
