In late morning trade the S&P/ASX 200 Index (ASX: XJO) has fought back from a poor start to trade slightly higher. The benchmark index is currently up 2 points to 6,858.9 points.
Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are sinking lower:
AMP Ltd (ASX: AMP)
The AMP share price is down 10% to $1.39 following the release of its full year results. The financial services company reported an underlying net profit after tax of $295 million for the 12 months ended 31 December. This is down 33% on the prior corresponding period. Management advised that it reflects the impacts of COVID-19 on its clients, its business, and the broader economy and financial markets.
Ecofibre Ltd (ASX: EOF)
The Ecofibre share price is down 13% to $1.57. Investors have been selling the hemp company’s shares following the release of a very disappointing half year result. Ecofibre reported a 49% decline in revenue to $14.7 million and a sizeable $5.5 million loss after tax. The latter compares to a $7.1 million profit in the prior corresponding period.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price has fallen 4% to $49.09. This follows the release of the fund manager’s half year results this morning. For the six months ended 31 December, Magellan reported a 9% increase in its average funds under management (FUM) to $100.9 billion. However, due to a sharp decline in performance fees, the company posted a 2% decline adjusted net profit after tax to $213.1 million.
Vita Group Limited (ASX: VTG)
The Vita share price has crashed 27% lower to 82.5 cents. This follows news that Telstra Corporation Ltd (ASX: TLS) intends to transition to full ownership for all of its branded retail stores across Australia. At present, Vita operates 104 Telstra retail stores on behalf of the telco giant. This makes up the vast majority of its revenue. According to Vita, the agreement will end in June 2025.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting…
Because ‘Doc’ Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget ‘buy now pay later’, this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
See how you can find out the name of this stock
Returns as of 6th October 2020
More reading
- Why the Magellan (ASX:MFG) share price is tumbling 5% lower today
- Why the Vita (ASX:VTG) share price is crashing 31% lower today
- 4 steps to pick winning ASX shares
- Telstra (ASX:TLS) share price on watch after maintaining half year dividend
- 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 owns shares of and has recommended Telstra Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Why AMP, Ecofibre, Magellan, & Vita shares are sinking today appeared first on The Motley Fool Australia.
from The Motley Fool Australia https://ift.tt/2MSSGJ2
Leave a Reply