In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is dropping lower. At the time of writing the benchmark index is down 0.55% to 5,790.3 points.
Four shares that are falling more than most today are listed below. Here's why they are dropping lower:
The Jumbo Interactive Ltd (ASX: JIN) share price has tumbled 7.5% lower to $13.32. This follows news that Tabcorp Holdings Limited (ASX: TAH) is selling its stake in Jumbo. According to the release, the gambling company has entered into an agreement to sell its 11.6% interest through a block trade with UBS. Tabcorp has agreed to sell its 7,234,178 shares in Jumbo at a price of $13.52 per share. This represents a 6.1% discount to its last close price.
The New Hope Corporation Limited (ASX: NHC) share price is 2% lower at $1.22. This follows the release of the coal miner's full year results for FY 2020. Due to a heavy decline in coal prices, New Hope posted a 17% decline in revenue to $1,084 million and a 69% decline in profit after tax to $120 million. In light of this poor financial performance, the company has reduced its dividend by 65% to 6 cents per share.
The Northern Star Resources Ltd (ASX: NST) share price has fallen 5% to $13.83. Investors have been selling Northern Star and other gold miners on Tuesday after a sharp pullback in the spot gold price overnight. The precious metal came under pressure following a rebound in the U.S. dollar. At the time of writing, the S&P/ASX All Ordinaries Gold index is down a sizeable 3.5%.
The Qantas Airways Limited (ASX: QAN) share price is down 2% to $3.76. A number of travel shares have been sold off by investors on Tuesday amid concerns over escalating cases of coronavirus in Europe and the United States. This has sparked fears that the recovery in travel markets could be pushed even further back if a vaccine isn't successfully developed soon.
