In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is tumbling lower. At the time of writing, the benchmark index is down 0.2% to 6,812.2 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:
Immutep Ltd (ASX: IMM)
The Immutep share price has sunk 12% to 40.5 cents. This decline appears to have been driven by profit taking from investors after a very strong gain last week. Investors were scrambling to buy the biotech company’s shares following positive trial data from a competitor using a similar therapy.
Inghams Group Ltd (ASX: ING)
The Inghams share price has dropped 4.5% to $3.44. Investors have been selling the poultry company’s shares following the sudden exit of its CEO, Jim Leighton, this morning. According to the announcement, Mr Leighton is leaving the CEO role to return to the United States due to personal reasons. He will be placed by non-executive director, Andrew Reeves. Mr Reeves was previously the CEO of George Weston Foods.
REA Group Limited (ASX: REA)
The REA Group share price has fallen 2% to $137.18. This follows a lukewarm response by the market to the company’s plan to acquire Mortgage Choice Limited (ASX: MOC) for $244 million or $1.94 cash per share. The latter represents a 66% premium to the mortgage broker’s last close price. REA Group’s CEO, Owen Wilson, believes the acquisition of Mortgage Choice represents an exciting opportunity to create a leading broking business. The Mortgage Choice board has voted unanimously in favour of the takeover.
Synlait Milk Ltd (ASX: SM1)
The Synlait share price is down 5% to $3.11 following the release of its half year results. Due to weak demand in the infant formula market, the dairy processor reported a disappointing 76% decline in net profit to NZ$6.4 million. Unfortunately, the second half isn’t expected to be any better. In light of this, management is forecasting a breakeven result in FY 2021.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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