In afternoon trade the S&P/ASX 200 Index (ASX: XJO) could be about to end its winning streak. The benchmark index is currently down 0.15% to 6,673.1 points.
Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:
Aroa Biosurgery Ltd (ASX: ARX)
The Aroa Biosurgery share price is down 3.5% to $1.27 following the release of its half year results. This morning the soft tissue regeneration company reported a 10% decline in revenue to NZ$9 million because of the pandemic. Things were worse for its earnings, with normalised earnings before interest, tax, depreciation, and amortisation (EBITDA) coming in at a loss of NZ$2.3 million. This compares to positive EBITDA of NZ$2.15 million a year earlier. Management expects to deliver revenue growth in the second half as restrictions ease. This will bring its FY 2021 revenue to at least NZ$21 million.
Straker Translations Ltd (ASX: STG)
The Straker Translations share price is down 6.5% to $1.49. Investors have been selling the translation services company’s shares after the release of its half year results this morning. Straker delivered a 9% increase in revenue to NZ$14.8 million and a small operating profit. It appears as though some investors were expecting a stronger result.
Virgin Money UK CDI (ASX: VUK)
The Virgin Money UK share price has crashed 9.5% lower to $2.35. This follows the release of its full year results this morning. For the 12 months ended 30 September, the UK-based bank posted a 77% decline in full year underlying net profit to 124 million pounds. This was driven largely by a huge increase in impairments to 501 million pounds from 153 million pounds in FY 2019. Excluding impairments, operating profit fell 10% to 625 million pounds due to weakening margins and base rate cuts.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven share price has fallen 3.5% to $1.49. This may be due to reports that China is claiming that there is a quality problem with Australian coal. It currently has $700 million worth of the commodity sitting off the coast of two major Chinese ports after banning Australian coal imports in October.
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Returns as of 6th October 2020
More reading
- ASX 200 flat: Bega Cheese announces major acquisition, WiseTech reaffirms guidance
- Straker Translations (ASX:STG) share price flat after half year results release
- Aroa Biosurgery (ASX:ARX) share price falls as revenue declines
- The real earnings growth driver for ASX bank stocks in FY21 isn’t what you think
- 5 things to watch on the ASX 200 on Thursday
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Straker Translations. 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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