Why Ausnet, Qantas, Suncorp, & Sydney Airport shares are tumbling lower

Qantas Airways Limited (ASX:QAN) and Suncorp Group Ltd (ASX:SUN) shares are two of four sinking notably lower on Wednesday…

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The S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline. In afternoon trade, the benchmark index is down 1.1% to 7,016.4 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:

Ausnet Services Ltd (ASX: AST)

The Ausnet Services share price is down 7.5% to $1.74 following the release of its full year results. For the 12 months ended 31 March, the energy company reported revenue of $1,924.5 million and EBITDA of $1,154.6 million. This was down 2.7% and 3.5%, respectively, over the prior corresponding period. Looking ahead, the company is guiding to a flat dividend for FY 2022.

Qantas Airways Limited (ASX: QAN)

The Qantas share price has fallen 3.5% to $4.49. This morning the airline announced that it would be pushing back its international service plans from the end of October 2021 to late December 2021. This is due to the COVID-19 vaccine rollout taking longer than expected. The airline advised that it remains optimistic that additional bubbles will open once Australia’s vaccine rollout is complete.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is down over 5% to $10.41. This morning analysts at Citi downgraded the insurance and banking giant’s shares to a neutral rating with an $11.80 price target. Morgans made a similar move, downgrading its shares to a hold rating with an $11.39 price target. This follows its general insurance update on Tuesday.

Sydney Airport Holdings Pty Ltd (ASX: SYD)

The Sydney Airport share price has sunk 5% to $5.74. This appears to have been driven by the Federal Budget. Last night the Federal Government revised its anticipated timeline for the completion of Australia’s vaccine rollout to the end of 2021. It also pushed back its timeline for significantly reopening international borders until mid-2022. Investors may have been pricing in a quicker recovery.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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