In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing the benchmark index is down 0.5% to 5,945.7 points.
Four shares that have fallen more than most today are listed below. Here’s why they are sinking lower:
The Afterpay Ltd (ASX: APT) share price is down 7.5% to $66.26. Investors appear to be taking profit in the tech sector after some stellar gains in recent weeks. At the time of writing the S&P/ASX 200 Information Technology index is down a sizeable 3.8%. Overnight on Wall Street the technology-focused Nasdaq index was up as much as 1.9% before ending the day 2.1% lower.
The Altium Limited (ASX: ALU) share price has fallen 2.5% to $32.64. This follows the release of the electronic design software company’s sales update for FY 2020 this morning. As management previously warned, Altium fell short of its US$200 million aspirational revenue target because of the pandemic. It delivered a 10% increase in revenue to US$189 million. This means Altium has now recorded eight consecutive years of double-digit revenue growth.
The Northern Star Resources Ltd (ASX: NST) share price is down 3% to $14.43. Investors have been selling the gold miner’s shares after the price of the precious metal weakened during Asian trade. According to CNBC, the spot gold price is currently down 0.75% to US$1,800.30. Northern Star isn’t the only gold miner dropping lower. The S&P/ASX All Ordinaries Gold index is down 2.5% at the time of writing.
The Pushpay Holdings Ltd (ASX: PPH) share price has crashed 10.5% lower to $7.79. The donor management system provider’s shares have come under pressure today after shareholders associated with the Huljich family entered into a block trade agreement to sell 25% of their stake. The sellers agreed a price of at least NZ$8.60 per share for the 14,406,494 shares, which represents a total sale price of ~NZ$123.9 million. This sale price was a 7% discount to the last close price of its New Zealand-listed shares.
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More reading
- New investors could invest $1,000 into these top ASX shares
- ASX 200 down 0.5%: Altium sales update, Afterpay tumbles, Breville shoots higher
- Altium share price on watch following FY 2020 sales update
- Why the Pushpay share price could tumble lower today
- 2 high growth ASX 200 shares to buy with $10,000 amid the coronavirus pandemic
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 Altium and PUSHPAY FPO NZX. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended PUSHPAY FPO NZX. 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.
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