In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a very disappointing decline. At the time of writing, the benchmark index is down 1.2% to 6,603.4 points.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
A2 Milk Company Ltd (ASX: A2M)
The a2 Milk share price is down 3% to $11.09. This infant formula and fresh milk company's shares have come under pressure in recent months due to weakness in the daigou channel. Judging by its increasing short interest, it appears as though some in the market are not convinced the worst is over for the company just yet.
AVZ Minerals Ltd (ASX: AVZ)
The AVZ Minerals share price has dropped 3% to 16.5 cents. The lithium-focused mineral exploration company's shares may have come under pressure from profit taking after some stellar gains recently. Prior to today, the AVZ Minerals share price had almost doubled in the space of just one month. This was driven by optimism over lithium prices and the announcement of an offtake agreement.
Nanosonics Ltd (ASX: NAN)
The Nanosonics share price is down over 7% to $7.46 despite there being no news out of the infection prevention company. Once again, this appears to have been driven by profit taking. The Nanosonics share price hit a record high of $8.25 on Monday. Investors have been buying its shares on the belief that COVID-19 will be a tailwind for infection prevention solutions.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down 4% to $22.71. This may be due to concerns over the impact that the UK lockdown will have on its sales in the country. Premier Investments has 131 Smiggle stores in the UK, though is planning to close up to 55 of these during FY 2021.
