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Why Dubber, New Hope, Pro Medicus, & Rio Tinto shares are dropping lower

Red and white arrows showing share price drop
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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week with a small decline. At the time of writing the benchmark index is down 0.15% to 6,201.8 points.

Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:

The Dubber Corp Ltd (ASX: DUB) share price is down 5.5% to $1.18. This follows the completion of an institutional placement which raised $35 million at a 12% discount of $1.10 per share. Dubber will now look to raise a further $6 million via a share purchase plan. These funds will be used to meet accelerating demand globally through the expansion of its sales, marketing and product development efforts. It also intends to pursue merger and acquisition opportunities.

The New Hope Corporation Limited (ASX: NHC) share price has fallen 3% to $1.19. This morning the coal miner announced that it has offered voluntary redundancies to workers in its corporate headquarters. The company advised that it will undergo a significant restructure, with up to 75% of the workforce at the corporate office to be made redundant by the end of November. New Hope blamed uncertainty around approvals for its New Acland operation for the redundancies.

The Pro Medicus Limited (ASX: PME) share price is down almost 2.5% to $30.49. This appears to have been driven by profit taking after a strong gain on Thursday. Investors were buying the healthcare technology company’s shares yesterday after it announced a major new contract with Germany’s LMU Klinikum.

The Rio Tinto Limited (ASX: RIO) share price has dropped almost 1% to $95.48. This follows the release of its third quarter update. For the three months ended 30 September, Rio Tinto delivered Pilbara iron ore shipments of 82.1Mt. This was a 5% decline on the second quarter and fell a touch short of expectations.

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Returns as of 6th October 2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus Ltd. 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.

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