Why Flight Centre, PolyNovo, Vulcan, & Zip shares are sinking

It hasn’t been a good day for these ASX shares…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.3% to 7,331.2 points.

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

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down 2% to $14.77. Investors have been selling travel shares on Thursday amid reports that the Victorian government is planning a snap lockdown in Melbourne tonight. Investors appear concerned that this will derail the travel market recovery once again.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price has sunk 9% to $2.09. This decline appears to have been driven by a couple of broker notes this morning in response to its sales update yesterday. Both Bell Potter and Ord Minnett have downgraded the medical device company’s shares to hold ratings and cut their price targets. Bell Potter’s price target has reduced to $2.65 whereas Ord Minnett has cut its price target to $2.54.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan Energy share price has tumbled 10% lower to $9.22. This is despite there being no news out of the lithium explorer on Thursday. However, prior to today, the Vulcan share price was up 24% in the space of a week. This could have led to some investors taking a bit of profit off the table today.

Zip Co Ltd (ASX: Z1P)

The Zip share price has continued its slide and is down a further 5.5% to $6.92. This buy now pay later (BNPL) provider’s shares have been sold off amid reports that Apple is intending to enter the BNPL market. In addition to this, PayPal has announced the removal of late fees, which is further intensifying competition in the industry.

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Motley Fool contributor 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 and has recommended POLYNOVO FPO and ZIPCOLTD FPO. The Motley Fool Australia has recommended 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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