In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing the benchmark index is down a sizeable 1.3% to 5,978.7 points.
Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:
Australia and New Zealand Banking GrpLtd (ASX: ANZ)
The ANZ Bank share price is down 2.5% to $18.72 following the release of its full year results. For the 12 months ended 30 September, the bank reported a 42% decline in cash earnings from continuing operations to $3.76 billion. A final fully franked 35 cents per share dividend was also declared. Both metrics fell a touch short of the market’s expectations.
JB Hi-Fi Limited (ASX: JBH)
The JB Hi-Fi share price is down 5.5% to $47.79. This follows the release of the retail giant’s first quarter update this morning. Although JB Hi-Fi delivered very strong sales growth during the quarter, its result implies a major slowdown in its growth during August and September.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down over 5% to $14.93. Investors have been selling Northern Star’s shares on Thursday after the price of the precious metal dropped lower despite the market selloff. It isn’t just Northern Star that is under pressure. The S&P/ASX All Ordinaries Gold index is down over 4% this afternoon.
SEEK Limited (ASX: SEK)
The SEEK share price has fallen 6% to $21.51 after being the latest ASX share to be targeted by offshore short sellers. Analysts at Blue Orca claim that SEEK’s China-based Zhaopin business is full of fake listings and is paying students to make fake resumes. It feels this raises questions over the validity of Zhaopin’s reported revenues. The short seller values the job listings company’s shares at a lowly $7.20.
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Returns as of 6th October 2020
More reading
- The Seek Ltd (ASX:SEK) share price under attack by offshore shorter
- ASX 200 down 1.1%: ANZ cash earnings down 42%, SEEK slammed, HUB24 jumps
- ANZ (ASX:ANZ) share price on watch after FY 2020 results release
- 5 things to watch on the ASX 200 on Thursday
- Hayne Commission continues to haunt the Big Four banks
Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia has recommended SEEK 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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