In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory. At the time of writing it is just falling short and is trading broadly flat at 5,897.9 points.
Four shares that have been acting as a drag on the market today are listed below. Here’s why they are sinking lower:
The Beach Energy Ltd (ASX: BPT) share price is down over 1.5% to $1.33. Investors have been selling the energy producer’s shares after oil prices dropped lower overnight. Oil prices came under pressure amid subdued demand and news that Libya was on the verge of resuming production.
The BrainChip Holdings Ltd (ASX: BRN) share price has continued its slide and is down 6.5% to 62.7 cents. The artificial intelligence technology company’s shares have come back down to earth after rocketing higher in recent weeks. This appears to be down to the realisation that its shares were vastly overvalued given its billion-dollar market capitalisation on next to no revenue.
The Cleanaway Waste Management Ltd (ASX: CWY) share price has tumbled 5.5% lower to $2.21. The waste management company’s shares have continue to slide after it confirmed reports of poor workplace behaviour by its CEO, Vik Bansal. Although the board has given Mr Bansal a final warning, it appears as though the market doesn’t believe it went far enough given the allegations of bullying.
The Credit Corp Group Limited (ASX: CCP) share price has dropped 2.5% lower to $17.19. This appears to have been driven by a broker note out of Macquarie this morning. Its analysts have downgraded the debt collector’s shares to a neutral rating and cut the price target on them down to $18.50. It believes near term trading conditions could be tough for Credit Corp due to delays in new debt sales.
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