In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. The benchmark index is currently down 0.55% to 5,831.5 points.
Four shares that are falling more than most today are listed below. Here’s why they are sinking lower:
The Byron Energy Ltd (ASX: BYE) share price has crashed 33% lower to 19 cents. This morning the oil and gas exploration company released drilling results from its SM58 G2 well. According to the release, the well has been drilled to a final total depth of 11,237 feet measured depth and has been deemed non-commercial. Management remains optimistic there will be other opportunities close by.
The Clover Corporation Limited (ASX: CLV) share price is down 5% to $2.14. This appears to have been driven by a broker note out of UBS this morning. Its analysts have retained their neutral rating and cut the price target on the specialist ingredients company’s shares to $2.30 following its FY 2020 results. It notes that FY 2021 is going to be a challenging year for Clover, with demand largely flat year to date.
The DEXUS Property Group (ASX: DXS) share price has fallen 3.5% to $8.72. Investors have been selling the property company’s shares after analysts at Morgan Stanley downgraded them to an underweight rating from overweight. The broker has also slashed its price target from $10.20 down to $8.15. Morgan Stanley has concerns over the Australian office market and expects DEXUS to struggle with its occupancy.
The Webjet Limited (ASX: WEB) share price is down 1.5% to $3.85. This also appears to have been driven by a broker note out of Morgan Stanley. This morning its analysts retained their underweight rating and cut the price target on the online travel company’s shares to $3.00. It is expecting another large loss from Webjet in FY 2021 before it returns to profit in FY 2022.
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More reading
- These are the 10 most shorted ASX shares
- 3 ASX growth shares I’d buy today for growth and income
- ASX 200 drops 0.3%, gold miners keep rising
- Clover (ASX:CLV) share price falls 10% on FY20 results
- Why 5G Networks, AMP, Clover, & Reliance shares are dropping lower today
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 Clover Limited. 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.
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