The S&P/ASX 200 Index (ASX: XJO) is on course to follow the lead of U.S. markets and record a sizeable decline on Friday. At the time of writing the benchmark index is down 0.9% to 6,038.3 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 is down 3.5% to $69.41. This appears to be down to general weakness in the tech sector after a pullback on the Nasdaq index overnight. In addition to this, news that ecommerce giant Shopify has signed an agreement with Affirm for its own buy now pay later offering could be weighing on its shares.
The Evolution Mining Ltd (ASX: EVN) share price has tumbled over 6% lower to $5.91. Investors have been selling the gold miner's shares after they were downgraded by analysts at Credit Suisse. According to the note, the broker has downgraded Evolution's shares to a neutral rating with a $6.00 price target on valuation grounds.
The Insurance Australia Group Ltd (ASX: IAG) share price is down 4.5% to $5.51. Investors have been selling the insurance giant's shares after the release of a trading update this morning. Insurance Australia Group expects to post a pre-tax loss on shareholders' funds income of $181 million. This is down sharply from a profit of $227 million in FY 2019 and has resulted in the company cancelling its final dividend.
The Vicinity Centres (ASX: VCX) share price has fallen 2.5% to $1.37. This follows the release of an update on its portfolio valuations. According to the release, the company's portfolio has experienced a net valuation decline of 11.3%. This reflects the impact of COVID-19 and the evolving retail landscape. Among its valuation declines is its flagship portfolio, which includes Chadstone, Premium CBD locations, and DFO outlet centres. This portfolio has seen a net valuation loss of 8.8%.
