In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. The benchmark index is currently down 0.55% to 5,831.5 points.
Four shares that are falling more than most today are listed below. Here's why they are sinking lower:
The Byron Energy Ltd (ASX: BYE) share price has crashed 33% lower to 19 cents. This morning the oil and gas exploration company released drilling results from its SM58 G2 well. According to the release, the well has been drilled to a final total depth of 11,237 feet measured depth and has been deemed non-commercial. Management remains optimistic there will be other opportunities close by.
The Clover Corporation Limited (ASX: CLV) share price is down 5% to $2.14. This appears to have been driven by a broker note out of UBS this morning. Its analysts have retained their neutral rating and cut the price target on the specialist ingredients company's shares to $2.30 following its FY 2020 results. It notes that FY 2021 is going to be a challenging year for Clover, with demand largely flat year to date.
The DEXUS Property Group (ASX: DXS) share price has fallen 3.5% to $8.72. Investors have been selling the property company's shares after analysts at Morgan Stanley downgraded them to an underweight rating from overweight. The broker has also slashed its price target from $10.20 down to $8.15. Morgan Stanley has concerns over the Australian office market and expects DEXUS to struggle with its occupancy.
The Webjet Limited (ASX: WEB) share price is down 1.5% to $3.85. This also appears to have been driven by a broker note out of Morgan Stanley. This morning its analysts retained their underweight rating and cut the price target on the online travel company's shares to $3.00. It is expecting another large loss from Webjet in FY 2021 before it returns to profit in FY 2022.
