Why GrainCorp, Link, NAB, and Pendal shares are sinking today

These ASX shares are on the slide on Wednesday…

| More on:
Red arrow going down on a stock market table which symbolises a falling share price.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In late trade, the S&P/ASX 200 Index (ASX: XJO) has fought hard to get its head above water. At the time of writing, the benchmark index is up a fraction to 7,052.7 points.

Four ASX shares that are weighing on proceedings are listed below. Here’s why they are dropping:

GrainCorp Ltd (ASX: GNC)

The GrainCorp share price is down 2.5% to $10.29. This is despite the grain exporter releasing its half-year results and reporting record-breaking profits. GrainCorp reported a 49.9% increase in revenue to $3,842.1 million and a 200% jump in EBITDA to $427 million. However, it appears as though some investors were betting on the company upgrading its full-year guidance for a third time in as many months. Whereas management has only reaffirmed its most recent guidance.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is down almost 15% to $4.24. This appears to have been driven by concerns that the takeover of the administration services company by Dye & Durham could collapse. The scheme booklet reveals that Dye & Durham is taking out a loan that is more than three times its own market capitalisation to fund the deal.

National Australia Bank Ltd (ASX: NAB)

The NAB share price is down 4.5% to $30.33. A portion of this decline can be attributed to the banking giant’s shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving NAB’s fully franked 73 cents per share interim dividend in their bank accounts on 5 July.

Pendal Group Ltd (ASX: PDL)

The Pendal share price is down over 3% to $5.16. This morning a number of brokers responded to the fund manager’s half-year results. Two of those brokers, Credit Suisse and Morgan Stanley, downgraded the company’s shares to neutral ratings from the equivalent of buys. Both brokers were impressed with Pendal’s half-year result but feel the next 12 months could be tough.

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. has positions in and has recommended Link Administration Holdings Ltd. 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 Scott Phillips.

More on Share Fallers

Red arrow going down and symbolising a falling share price.
Share Fallers

Why the Paladin share price fell 25% in June

Uranium shares softened in June.

Read more »

An engineer takes a break on a staircase and looks out over a huge open pit coal mine as the sun rises in the background
Resources Shares

Why did the Rio Tinto share price plunge 11% in June?

Let's analyse the month just gone by.

Read more »

Red arrow going down with share prices in red symbolising a falling share price
Share Fallers

Why Argosy Minerals, BHP, Ingenia, and Woodside shares are dropping today

These ASX shares are ending the week in the red...

Read more »

a person holds their head in their hands as they slump forward over a laptop computer which features a thick red downward arrow zigzagging downwards across the screen.
Share Fallers

The Lake Resources share price plummeted 49% in June. Here’s why

It was a month to forget for the ASX lithium share. Here are the details.

Read more »

a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.
Share Fallers

What’s clamping down on the Piedmont Lithium share price?

Investors are continuing to punish the lithium developer.

Read more »

Woman has a confused expression as she looks at phone.
Share Fallers

Why did the Soul Pattinson share price go backwards in June?

June was a tough month for the investment conglomerate. What happened?

Read more »

ASX shares COVID the words crash with a declining arrow on top
Share Fallers

These were the worst performing ASX 200 shares in June

It was a bad month for the ASX 200 but an even worse month for these shares...

Read more »

Man with his head on his head with a red declining arrow and A worried man holds his head and look at his computer as the Megaport share price crashes today
Industrials Shares

Why is the Electro Optic Systems share price hitting a new 52-week low?

Selling pressure has rolled over into today's session after Wednesday's collapse

Read more »