In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of global markets and is sinking lower. At the time of writing the benchmark index is down a disappointing 1.1% to 6,088.2 points.
Four shares that are falling more than most today are listed below. Here’s why they are tumbling lower:
Afterpay Ltd (ASX: APT)
The Afterpay share price is down over 3.5% to $97.09. A number of tech shares are dropping notably lower today amid heavy selling on the Nasdaq index overnight. The tech-focused index dropped 1.6% on Monday night due to concerns over rising COVID-19 cases across the world. The S&P/ASX All Technology Index (ASX: XTX) is down 2.3% at the time of writing.
LiveTiles Ltd (ASX: LVT)
The LiveTiles share price has fallen almost 4% to 25 cents. This follows the release of the intranet and workplace technology software provider’s first quarter update this morning. At the end of the quarter, LiveTiles’ reported annualised recurring revenue (ARR) hit $57.1 million. While this was up 33% year on year, it was up just 6.1% on the prior quarter’s ARR.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price has dropped 3.5% to $10.59. Weakness in the tech sector appears to have offset the release of a very strong first quarter update. For the three months ended 30 September, the sports betting company reported turnover of $691.9 million, up 193% from the prior corresponding period. This was driven largely by its Australian business, which reported a 221% increase in turnover to $527.7 million.
Santos Ltd (ASX: STO)
The Santos share price is down almost 3% to $5.15. Investors have been selling Santos and other energy producer shares on Tuesday following a sharp pullback in oil prices overnight. Oil prices dropped notably lower amid concerns that rising COVID-19 cases could have a negative impact on demand for oil.
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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 LIVETILES FPO and Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended LIVETILES FPO and Pointsbet Holdings 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.