In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. At the time of writing, the benchmark index is down 0.2% to 6,183.4 points.
Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:
The Brickworks Limited (ASX: BKW) share price is down 3% to $19.24. This decline has been driven largely by its shares going ex-dividend this morning. Eligible shareholders can now look forward to being paid the building products and investment company’s fully franked 39 cents per share final dividend on 25 November.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has fallen 5% to $13.70. Investors have been selling this travel agent’s shares after analysts at Credit Suisse downgraded them to a neutral rating. It made the move after pushing back its travel bookings recovery by six months to reflect a recent surge in COVID-19 cases in the northern hemisphere. Though, the broker’s price target of $15.31 is still notably higher than where it trades today.
The Whitehaven Coal Ltd (ASX: WHC) share price remains under pressure and is down a further 2.5% to 96.5 cents. Concerns over reports that the Chinese government is banning state-owned energy companies from buying Australian coal has been weighing on Whitehaven and other coal miners this week.
The Zip Co Ltd (ASX: Z1P) share price is down 3.5% to $7.63. Investors have been selling the buy now pay later provider’s shares despite the release of a strong first quarter update this morning. Strong customer and transaction growth led to Zip reporting record quarterly transaction volume of $943.1 million, up 96% on the prior corresponding period. This led to the company reporting an 88% increase in quarterly revenue to a record of $71.7 million. Some investors may have been betting on even stronger growth.
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Returns as of 6th October 2020
More reading
- ASX 200 flat: Bank of Queensland impresses, CSL guidance update, AUSTRAC clears Afterpay
- Zip (ASX:Z1P) share price lower despite explosive Q1 growth
- 3 ASX tech shares that pay dividends
- Zip and Estrella Resources were among the most traded shares on the ASX last week
- ASX 200 up 0.9%: Telstra dividend update, Afterpay & Xero hit record highs
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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Brickworks. The Motley Fool Australia has recommended Flight Centre Travel Group 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.
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