In 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 0.5% to 7,306.9 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:
Adairs Ltd (ASX: ADH)
The Adairs share price is down a sizeable 10% to $4.11. This decline appears to have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded the homewares retailer’s shares to a hold rating and cut the price target on them to $4.45. Ord Minnett suspects that its acquired Mocka business is underperforming expectations.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price has fallen 2% to $15.27. This may have been driven by concerns over Sydney’s COVID-19 outbreak and subsequent border closures. This looks set to negatively impact the domestic tourism market in the coming weeks. A number of other travel shares are trading lower today.
InvoCare Limited (ASX: IVC)
The InvoCare share price is down 2.5% to $11.29 despite there being no news out of the funerals company. However, late last week Citi downgraded the company’s shares to a sell rating and cut the price target on them to $10.00. The broker suspects that InvoCare is losing market share despite acquisitions and significant investment. A lower death rate is also expected to weigh on demand in the near term.
Santos Ltd (ASX: STO)
The Santos share price has dropped 3% to $7.26. Investors have been selling the energy producer’s shares after weakness in oil prices overnight. It isn’t just the Santos share price that is under pressure today. In afternoon trade, the S&P/ASX 200 Energy index is down by 1.4%.
The post Why Adairs, Flight Centre, InvoCare, & Santos shares are sinking appeared first on The Motley Fool Australia.
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More reading
- Sydney Airport (ASX:SYD) share price is slipping amid COVID border chaos
- The Santos (ASX:STO) share price has gained 9% in a month
- 8 ASX shares that supercharged us out of COVID-19: analyst
- 5 things to watch on the ASX 200 on Wednesday
- Why the Adairs (ASX:ADH) share price is edging higher today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ADAIRS FPO. The Motley Fool Australia owns shares of and has recommended ADAIRS FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and InvoCare Limited. 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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