Why ANZ, Clinuvel, PolyNovo, and Vulcan shares are dropping

These ASX shares are starting the week in the red…

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The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. In afternoon trade, the benchmark index is down 0.1% to 7,451.7 points.

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

Australia and New Zealand Banking GrpLtd (ASX: ANZ)

The ANZ share price is down 2% to $28.27. The catalyst for the weakness in the ANZ share price today has been its shares trading ex-dividend for its fully franked final dividend. Last month the banking giant declared a final dividend of 72 cents per share. This will now be paid to eligible shareholders on 16 December.

Clinuvel Pharmaceuticals Limited (ASX: CUV)

The Clinuvel share price is down a further 8.5% to $32.50. Investors have been selling this biopharmaceutical company’s shares since late last week when Jefferies downgraded them to a hold rating. The broker has a few concerns over the launch of a new product competing with Clinuvel’s Scenesse therapy in the treatment of EPP.

Polynovo Ltd (ASX: PNV)

The PolyNovo share price has sunk 11% to $1.56. This medical device company’s shares have been sold off since announcing the surprise resignation of its Managing Director, Paul Brennan, on Friday afternoon. Mr Brennan’s interactions with senior staff and his management style led to increasing differences between him and the Board.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is down 10% to $11.20. This lithium developer’s shares have come under pressure recently amid concerns over a short seller attack. It appears as though the company’s actions since then have caused a few concerns. This could be adding further pressure to the Vulcan share price on Monday, much to the delight of short sellers.

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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. 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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