It looks set to be a disappointing end to the week for the S&P/ASX 200 Index (ASX: XJO). In late morning trade the benchmark index is down a sizeable 1.5% to 5,961.7 points.
Four shares that are falling more than most today are listed below. Here’s why they are tumbling lower:
The AMP Limited (ASX: AMP) share price has crashed 12% lower to $1.48 after providing an update on its expectations for the first half of FY 2020. The embattled financial services company expects to report underlying profit for retained businesses in the order of $140 million to $150 million. This was below the market’s expectations and due to a range of negative factors including market volatility and a credit loss provision in AMP Bank.
The FlexiGroup Limited (ASX: FXL) share price is down over 5% to $1.26. This follows the release of an update on its FY 2020 results. FlexiGroup expects to report a cash net profit after tax of $29 million. This is down 61.9% from $76.1 million a year earlier. Some of this decline is due to a macro overlay provision of $31 million post tax. This relates to the projected impact of economic conditions due to the pandemic.
The Marley Spoon AG (ASX: MMM) share price is down 5.5% to $3.26. This appears to be down to profit taking after a sensational gain on Thursday following its second quarter update. During the quarter the global subscription-based meal kit provider experienced a surge in demand due to the pandemic. This led to the company reporting second quarter revenue of 73.3 million euros, which was a massive 129% increase on the prior corresponding period.
The Origin Energy Ltd (ASX: ORG) share price is down 4% to $5.40 following the release of its fourth quarter update. The energy company revealed a 5% decline in full year Integrated Gas revenue. Although it achieved increased production, this was offset by fewer purchases, gas inventory movements, a higher proportion of spot LNG sales, and lower domestic prices. Energy Gas sales fell 4% to $259.2 million for the year.