In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) looks set to start the new financial year on a positive note. At the time of writing the benchmark index is up 0.9% to 5,949.1 points.
Four shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:
The Avita Medical Ltd (ASX: AVH) share price is down 2% to $8.82. This follows its debut on the Nasdaq index overnight after successfully redomiciling. Avita is a regenerative medicine company with a technology platform positioned to address unmet medical needs in burns, chronic wounds, and aesthetics indications.
The Brickworks Limited (ASX: BKW) share price is down 2% to $15.52. This decline may be the result of a spot of profit taking after the company’s shares surged notably higher on Tuesday. Investors were buying Brickworks’ shares after its joint venture with Goodman Group (ASX: GMG) signed a 20-year agreement with ecommerce giant Amazon.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price is down 3.5% to $31.73. Investors may be taking a bit of profit off the table after some very strong gains over the last 12 months. In fact, the medical device company was among the best performers on the index during the 2019-20 financial year with a gain of more than 100%.
The WiseTech Global Ltd (ASX: WTC) share price has continued its slide and is down a further 4% to $18.55. Investors have been selling the logistics solutions company’s shares over the last couple of days after it revealed heavy insider selling. According to the notice, over the past few trading days its founder and CEO, Richard White, has sold almost $46 million worth of shares. The chief executive has not provided an explanation for the sales. Though, it is worth noting that Mr White does still own approximately 151 million WiseTech shares.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
More reading
- These were the best performing ASX 200 shares in FY 2020
- Afterpay and these shares were the best performers on the ASX 200 in June
- ASX stock of the day: Avita Therapeutics share price climbs 8.4% as company redomiciles
- Leading brokers name 3 ASX 200 shares to sell today
- Why James Hardie and its peers are surging higher today
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 Avita Medical Limited. The Motley Fool Australia owns shares of and has recommended Brickworks. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended Avita Medical Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The post Why Avita, Brickworks, Fisher & Paykel Healthcare, & WiseTech Global are tumbling lower appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/3dNBwE7
Leave a Reply