The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is struggling more than most today amid a broader market sell-off.
The significant dip has brought about Domino’s worst day since 23 February 2021, when the company’s stock fell a whopping 8.8% on its ex-dividend date.
The pizza franchise was approaching the payment date for an 88.4 cent dividend at the time. Today, there’s no such explanation for Domino’s struggles.
At the time of writing, the Domino’s share price is trading at $150.11, 6.45% lower than its previous close. This dip is significantly worse than the slippage the broader market is experiencing today. Right now, the S&P/ASX 200 Index (ASX: XJO) has fallen 2% while the All Ordinaries Index (ASX: XAO) is down 1.9%.
Let’s take a closer look at Domino’s share price performance on the ASX today.
Domino’s plummets on Friday
The Domino’s share price is tumbling 6.48% on Friday despite no news released by the company.
This makes it the worst unexplained fall Domino’s stock has experienced since November 2020.
Perhaps Australians stuck at home saw lockdowns as the catalyst for Domino’s stock’s surge through 2020.
Of course, as the pandemic took a hold of most aspects of people’s lives in 2020, many ASX-listed stocks suffered immensely.
However, the Domino’s share price gained 60% over the course of 2020.
It appears the market saw the increase in the amount of people eating takeaway pizza as a sure sign of Domino’s strength in the face of the pandemic.
However, Domino’s poor performance on the ASX today remains unexplained.
Domino’s share price snapshot
The Domino’s share price’s gains didn’t end alongside 2020.
Since the start of 2021, Domino’s stock has gained 70%. It is also 88% higher than it was this time last year.
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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Dominos Pizza Enterprises 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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