Why Afterpay, Altium, Aristocrat Leisure, and Pro Medicus shares are sinking

These ASX shares are deep in the red on Thursday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is sinking. At the time of writing, the benchmark index is down 1.3% to 7,476.2 points.

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

Afterpay Ltd (ASX: APT)

The Afterpay share price has dropped 10% to $72.75. Investors have been selling this buy now pay later provider’s shares after the Block (Square) share price was sold off during overnight trade. The Block share price sank 8% on Wednesday night, which further reduces the value of the takeover proposal approved by shareholders last month.

Altium Limited (ASX: ALU)

The Altium share price has dropped over 4% to $41.78. This follows broad weakness in the tech sector today following a selloff on Wall Street’s Nasdaq index overnight. At the time of writing, the S&P/ASX All Technology index is down by a very disappointing 4%. These declines appear to have been driven by the release of minutes from the US Federal Reserve’s December meeting. Those minutes indicated that officials are ready to aggressively dial back policy support.

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat Leisure share price is down over 3% to $43.80. As well as weakness in the tech sector, this gaming technology company’s shares have come under pressure following an update on its proposed acquisition of Playtech. Aristocrat advised that the Playtech shareholder vote on the acquisition has been pushed back from 12 January to 2 February. This is to allow time for rival JKO Play to make a firm competing offer.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is down a further 3% to $55.18. This health imaging company’s shares have come under pressure this week after Morgans downgraded its shares to a reduce rating on valuation grounds. Its analysts suggested that investors sit tight and wait for buying opportunities around the $50 mark.

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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 and has recommended Afterpay Limited, Altium, and Pro Medicus Ltd. The Motley Fool Australia owns and has recommended Afterpay Limited and Pro Medicus Ltd. 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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