Why Afterpay, ANZ, Domino’s, & Flight Centre shares are tumbling lower

Afterpay Ltd (ASX:APT) and Flight Centre Travel Group Ltd (ASX:FLT) are two of four ASX shares tumbling notably lower on Wednesday…

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The S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain on Wednesday. In afternoon trade, the benchmark index is up 0.6% to 7,112.2 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:

Afterpay Ltd (ASX: APT)

The Afterpay share price is down almost 4% to $106.68. This appears to have been driven by weakness in the tech sector today following a selloff on Wall Street’s Nasdaq index overnight. It isn’t just Afterpay that is under pressure. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down 1.5%.

Australia and New Zealand Banking GrpLtd (ASX: ANZ)

The ANZ share price is down 2.5% to $28.15. This follows the release of the banking giant’s half year results this morning. For the six months ended 31 March, ANZ reported cash earnings from continuing operations of $2,990 million. This was up 28% on its second half of FY 2020. This allowed the bank to declare a fully franked interim dividend of 70 cents per share. However, it appears that some investors were expecting even more from the bank.

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s share price has fallen 2% to $104.58. This decline appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded its shares to a neutral rating with a $108.50 price target. It notes that Domino’s has spoken cautiously about its outlook for the second half.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price has dropped a further 3.5% to $15.57. Investors have been selling the travel agent’s shares since the release of a third quarter update on Tuesday. The market appears disappointed that Flight Centre is expecting to post a second half loss in line with the one recorded in the first half. This morning analysts at Citi suggested that the company might not breakeven until FY 2023.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and Flight Centre Travel 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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