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Why IDP Education, Perseus Mining, Lovisa, & Tyro shares are dropping lower

businessman sitting at desk with head in hands in front of computer screens with falling financial charts, asx recession
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In afternoon 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 0.25% to 6,213.3 points.

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

IDP Education Ltd (ASX: IEL)

The IDP Education share price is down 5.5% to $18.90. This follows the release of the language testing and student placement company’s annual general meeting update this morning. That update revealed that student mobility and placements volumes were down 22% in the first quarter compared with the prior corresponding period. This is due to COVID-19 impacts on the sector.

Perseus Mining Limited (ASX: PRU)

The Perseus Mining share price has dropped 4.5% to $1.32. This morning the gold miner released its first quarter update. Perseus reported a 6% increase in gold production to 68,772 ounces. However, production costs rose 2% to US$823 per ounce and its all-in sustaining cost increased 3% to US$964 per ounce. Also of note was a 23% decline in gold sales volumes to 60,441 ounces. The miner achieved these sales with a weighted average gold price of US$1,595 per ounce.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is down almost 2% to $8.55 following the release of a trading update. While that update revealed an improvement in its comparable store sales, they are still down notably in FY 2021. For the first 16 weeks of the financial year, Lovisa’s global comparable store sales are down 10.2% on the prior corresponding period. The company also revealed that it has opened 14 net new stores this financial year despite the pandemic.

Tyro Payments Ltd (ASX: TYR)

The Tyro Payments share price has tumbled 5% lower to $4.08. This payments company’s shares have come under pressure today after one of its major shareholders sold-down its stake. TDM Growth Partners agreed to sell 35 million shares for $4.055 per share via block trade to institutional investors. 

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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. owns shares of Idp Education Pty Ltd and Tyro Payments. The Motley Fool Australia has no position in any of the stocks mentioned. 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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