In early afternoon 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 2.4% to 5,864.7 points.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
The Accent Group Ltd (ASX: AX1) share price has dropped 4% to $1.49. As well as being caught up in the market selloff, Accent's shares have come under pressure after trading ex-dividend this morning. Eligible shareholders of the footwear retailer can now look forward to receiving its fully franked 4 cents per share final dividend later this month on 24 September.
The Afterpay Ltd (ASX: APT) share price is down 3.5% to $72.33. Investors have been selling the payments company's shares following another selloff on the Nasdaq index overnight. The technology-focused index fell 4.1% amid further profit taking from investors. This latest decline means the Afterpay share price is now down almost 25% from its 52-week high. Afterpay isn't the only tech share dropping lower. The S&P/ASX All Technology Index (ASX: XTX) is down 3.1% at the time of writing.
The Nine Entertainment Co Holdings Ltd (ASX: NEC) share price has dropped 4% to $1.62. As with Accent, some of this decline is attributable to the media company's shares going ex-dividend this morning. Eligible Nine shareholders will be paid the company's fully franked final 2 cents per share dividend in around six weeks on 20 October.
The PointsBet Holdings Ltd (ASX: PBH) share price has crashed 16.5% lower to $11.42. This follows the successful completion of the institutional component of its fully underwritten entitlement offer. According to the release, the institutional entitlement offer closed on Tuesday and raised gross proceeds of approximately $70.5 million. The company will now push ahead with its retail entitlement offer. In total PointsBet is aiming to raise $353 million to support its U.S. expansion.
