Why Codan, Incitec Pivot, Xero, and Zip shares are dropping

Red arrow going down with share prices in red symbolising a falling share price

Red arrow going down with share prices in red symbolising a falling share priceThe S&P/ASX 200 Index (ASX: XJO) is out of form again on Tuesday. In afternoon trade, the benchmark index is down 0.9% to 7,143.3 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Codan Limited (ASX: CDA)

The Codan share price is down 4% to $7.16. Investors have been selling this metal detector focused technology company’s shares this week after S&P Dow Jones Indices kicked it out of the ASX 200 index at the next quarterly rebalance.

Incitec Pivot Ltd (ASX: IPL)

The Incitec Pivot share price is down 2.5% to $3.51. This appears to have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded this industrial chemicals company’s shares to a hold rating with a $3.90 price target. Ord Minnett has a few concerns with the company’s plans to spin off its commercial explosives business.

Xero Limited (ASX: XRO)

The Xero share price is down 3% to $82.00. This follows broad weakness in the tech sector on Tuesday which has seen this side of the market become a sea of red. The S&P/ASX All Technology Index is down 1.8% at the time of writing.

Zip Co Ltd (ASX: ZIP)

The Zip share price is down 10% to 68.7 cents. Investors have been selling Zip and other buy now pay later (BNPL) shares after tech giant Apple announced the launch of its BNPL service. Apple Pay Later allows users to split the cost of an Apple Pay purchase into four equal payments with no interest. The service works with any merchant that already supports Apple Pay and does not require a new payments terminal.

The post Why Codan, Incitec Pivot, Xero, and Zip shares are dropping appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Xero and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/83cBYga

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s