In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. At the time of writing the benchmark index is down 0.65% to 5,994.5 points.
Four shares that have fallen more than most today are listed below. Here’s why they are tumbling lower:
The CSR Limited (ASX: CSR) share price is down 4.5% to $3.48. Investors have been selling the buildings products company’s shares following the release of a bearish broker note out of Morgan Stanley. Its analysts have downgraded CSR’s shares to an underweight rating and cut the price target on them to $3.10. The broker expects its performance to be impacted by lower activity levels because of the pandemic.
The South32 Ltd (ASX: S32) share price is down 2% to $2.18. Investors have been selling the mining giant’s shares after the release of its fourth quarter update. South32’s update revealed record production at its Brazil Alumina, Hillside Aluminium, and Australia Manganese mines in FY 2020. However, things weren’t quite as positive for its Illawarra metallurgical coal production. It was below guidance for the year due to challenging strata conditions. The company also warned that commodity prices could be lower for an extended period of time.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is down almost 1.5% to $5.40. The airport operator’s shares have come under pressure following the release of its traffic update for June. That update revealed that a total of 172,000 passengers passed through its gates during the month. This was a 94.9% reduction on the prior corresponding period’s ~3.4 million passengers.
The Webjet Limited (ASX: WEB) share price is down 5% to $2.85. Investors have been selling travel shares on Monday amid increasing concerns over the recovery of the domestic travel market. This follows a spike in coronavirus cases in pockets of New South Wales and further cases in Victoria. Given how important these states are for domestic tourism, this could derail the recovery and put pressure on the likes of Webjet.
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More reading
- ASX 200 down 0.5%: Sydney Airport and South32 updates, HUB24 delivers record Q4
- Why the South32 share price is falling today
- Sydney Airport share price on watch after traffic update
- ASX 200 Weekly Wrap: Blue chip shares pull ASX 200 back over 6,000 points
- These are the 10 most shorted shares on the ASX
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. 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 CSR, South32, Sydney Airport, & Webjet shares are tumbling lower appeared first on Motley Fool Australia.
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