In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing the benchmark index is down 0.95% to 6,102.7 points.
Four shares that are falling more than most today are listed below. Here’s why they are sinking lower:
The APA Group (ASX: APA) share price is down 5% to $10.34. This morning the energy infrastructure company released its full year results and revealed a 10.1% increase in profit after tax to $317 million. However, its guidance for flat operating earnings in FY 2021 appears to have sent some investors to the exits today.
The Bravura Solutions Ltd (ASX: BVS) share price has sunk 12% lower to $3.81. Although the financial technology company reported strong growth in FY 2020, its comments on FY 2021 appear to have spooked investors. Due to the negative impacts of the pandemic, management warned that its profits could be flat in FY 2021.
The Jumbo Interactive Ltd (ASX: JIN) share price is down almost 3.5% to $13.17. Investors have been selling the online lottery ticket seller’s shares after the release of an underwhelming full year result. Although Jumbo reported a 9% increase in total transaction value to $349 million and a 9% lift in revenue to $71 million, its profits were flat at $26.5 million. This was largely the result of a 38.9% increase in administrative expenses to $17.6 million. This related to its Gatherwell acquisition and investments in its future growth.
The Whitehaven Coal Ltd (ASX: WHC) share price has crashed 14% lower to $1.07. Investors have been heading to the exits in their droves following the coal miner’s full year results release. Whitehaven reported a massive 95% decline in underlying net profit after tax to $30 million in FY 2020. This was due to weak coal prices and labour shortage issues. As a result of its poor performance, the company cut its dividend down from 50 cents per share to just 1.5 cents per share.
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More reading
- Whitehaven Coal share price crashes to 52 week low following annual result
- ASX 200 down 1.25%: Big four banks tumble, Cleanaway impresses, Whitehaven disappoints
- Jumbo share price drops lower on flat FY 2020 profits
- APA Group share price dips despite FY20 earnings growth
- Bravura Solutions share price on watch after strong FY 2020 growth but cautious guidance
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 and recommends Jumbo Interactive Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Bravura Solutions Ltd. The Motley Fool Australia owns shares of APA Group. The Motley Fool Australia has recommended Bravura Solutions Ltd and Jumbo Interactive 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 APA, Bravura, Jumbo, & Whitehaven shares are sinking lower appeared first on Motley Fool Australia.
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