After a strong start to the day, the S&P/ASX 200 Index (ASX: XJO) has faded in afternoon trade. At the time of writing the benchmark index is down 0.1% to 6,113.4 points.
Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:
The IDP Education Ltd (ASX: IEL) share price is down over 2% to $18.74. This appears to be down to profit taking after a huge gain on Thursday. Investors were fighting to get hold of the student placement and language testing company’s shares after the release of a surprisingly strong full year result. Despite the pandemic, IDP Education reported a 2% decline in revenue to $587.1 million and a 29% increase in EBITDA to $148.6 million.
The IRESS Ltd (ASX: IRE) share price has fallen 3% to $10.44. Investors have been selling the financial technology company’s shares since the release of its half year results on Thursday. Although IRESS reported a 12% increase in revenue, it disappointed the market by posting a 14% decline in net profit for the half.
The Mosaic Brands Ltd (ASX: MOZ) share price is down 5.5% to 68.5 cents. The catalyst for this was news that Westfield has forced the closure of 129 of its stores due to the non-payment of its rent. “These actions are extremely disappointing, given the current environment, and difficult to comprehend in the context of a relationship that spans close to 40 years,” said Mosaic Chairman Richard Facioni.
The Mayne Pharma Group Ltd (ASX: MYX) share price is down almost 4% to 33.7 cents after posting another disappointing full year result. The pharmaceutical company reported a 13% decline in revenue to $457 million and a net loss after tax of $92.8 million. The company’s key generic products division was the main drag on its results. Sales were down 21% on FY 2019 to $253 million.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Idp Education Pty Ltd. The Motley Fool Australia has recommended IRESS Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.