The S&P/ASX 200 Index (ASX: XJO) is out of form on Wednesday and sinking lower. In afternoon trade, the benchmark index is down a disappointing 0.75% to 6,775.9 points.
Four ASX shares that are falling more than most today are listed below. Here’s why these shares are tumbling lower:
Corporate Travel Management Ltd (ASX: CTD)
The Corporate Travel Management share price is down 5.5% to $21.00. Investors have been selling the corporate travel booker’s shares after its CEO sold $31.5 million worth of shares. Although no explanation was given for the sale, the company notes that Jamie Pherous remains its largest shareholder with a 14.1% stake.
IGO Ltd (ASX: IGO)
The IGO share price is down 2% to $6.36. Investors have been selling the nickel producer’s shares following the release of its annual mineral resource and ore reserve update. IGO revealed that its total attributable mineral resources from the Nova and Tropicana operations are an estimated 208kt nickel, 84kt copper, 7kt cobalt, and 2.3Moz gold.
Limeade Inc (ASX: LME)
The Limeade share price continues to be sold off by investors and is down 6.5% to 83.2 cents. This latest decline means that the employee experience software company’s shares are now down over 60% from their 52-week high. A disappointing FY 2020 result and underwhelming guidance for the year ahead have been weighing on its shares. As has a large number of shares coming out of escrow recently.
ResApp Health Ltd (ASX: RAP)
The ResApp share price is down 6.5% to 7.3 cents. This appears to have been driven by profit taking from investors after some strong gains in recent trading sessions. In fact, prior to today, the ResApp share price was up an impressive 34% since last Thursday. A couple of positive announcements released this week were behind this strong gain.
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More reading
- Corporate Travel Management (ASX:CTD) shares sink after CEO’s $31.5m share sale
- ASX 200 down 0.6%: Telstra upgraded, Webjet rated as a buy, Westpac update
- Why Advance Nanotek, BHP, Limemade, & Metcash shares are sinking
- ASX stock of the day: Why ResApp Heath (ASX:RAP) shares are soaring
- These were the best performing ASX 200 shares last week
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 Limeade, Inc. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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