The S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of US markets and is sinking lower on Monday. In late morning trade the benchmark index is down 0.5% to 6,725.6 points.
Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price has dropped 4% to $4.11. This decline appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the horticulture company’s shares to a neutral rating with a $4.30 price target. Citi made the move largely on valuation grounds after a strong gain over the last few months.
Monash IVF Group Ltd (ASX: MVF)
The Monash IVF share price is down over 2.5% to 73.5 cents. This leading fertility company’s shares have been sold off in recent weeks after it was hit with a class action. These proceedings are in relation to the company’s non-invasive preimplantation genetic screening technology. As things stand, no details have been provided in respect to the amount of damages sought.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price has tumbled almost 4.5% lower to $26.10. Investors have been selling Newcrest and other gold miner shares after the price of the precious metal sank lower on Friday. The gold price fell a sizeable 4.1% to US$1,835.40 an ounce. Analysts believe this weakness is attributable to traders giving up on their safe haven trade now that political risks are subsiding in the United States. The S&P/ASX All Ordinaries Gold index is down 4.8% at the time of writing.
Xero Limited (ASX: XRO)
The Xero share price is down 3% to $138.30. Investors have been selling Xero and other tech shares on Monday despite US tech shares surging to new highs on Friday night. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down by around 1.5%. This compares to a 2% gain by the tech-focused Nasdaq index on Friday night.
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More reading
- Why the Costa Group share price (ASX:CGC) is crashing this morning
- Why Newcrest (ASX:NCM) and Northern Star (ASX:NST) shares could crash lower today
- 5 things to watch on the ASX 200 on Monday
- Why the Costa (ASX:CGC) share price has surged 70% in a year
- 5 things to watch on the ASX 200 on Friday
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 Xero. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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