In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing the benchmark index is down 1% to 6,064.8 points.
Four shares that are falling more than most today are listed below. Here's why they are dropping lower:
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is down 5.5% to $6.60. Investors have been selling the regional bank's shares following the release of its full year results. Bendigo and Adelaide Bank reported a 27.4% decline in cash earnings after tax to $301.7 million. In light of this, the bank deferred its final dividend. Management warned that market conditions were expected to remain challenging in FY 2021.
The Kogan.com Ltd (ASX: KGN) share price has fallen almost 4% to $21.02. This follows the release of the ecommerce company's full year results this morning. Kogan reported a 39.3% increase in gross sales to $768.9 million and a 57.6% increase in adjusted EBITDA to $49.7 million in FY 2020. This was driven by the accelerating shift to online shopping which underpinned a 35.7% increase in active customers to 2,183,000. Investors may have been expecting an even stronger result.
The National Australia Bank Ltd (ASX: NAB) share price is down over 2.5% to $17.73. This morning analysts at Macquarie retained their underperform rating and $17.50 price target on the banking giant's shares. Macquarie believes the next 12 months will be difficult for the bank given the limited cost reduction opportunities in the current environment.
The Treasury Wine Estates Ltd (ASX: TWE) share price has tumbled almost 5% to $12.23. This appears to have been driven by profit taking after some strong gains by the wine company last week. Treasury Wine's shares raced 17.5% higher last week following the release of its full year results. Although that result was weak, cost cutting plans and news that sales in China have rebounded strongly appeared to get investors excited.
