In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a day in the red. At the time of writing the benchmark index is down 0.4% to 5,968 points.
Four shares that have fallen more than most today are listed below. Here’s why they are tumbling lower:
The Appen Ltd (ASX: APX) share price is down almost 4% to $29.31. This follows an announcement which revealed that several directors have been selling shares. The biggest seller was its Non-Executive Chairman, Chris Vonwiller. He offloaded 2 million Appen shares on-market for an average of $29.00 per share. This represents a total consideration of $58 million. The company’s CEO, Mark Brayan, also sold shares.
The CSL Limited (ASX: CSL) share price is down 4% to $283.02. The biotherapeutics company’s shares have come under a bit of pressure in recent weeks amid concerns that plasma collections could be impacted due to the pandemic. One broker that isn’t concerned is Citi. On Thursday it retained its buy rating and $334.00 price target on CSL’s shares.
The Openpay Group Ltd (ASX: OPY) share price has tumbled 13% to $3.05. The buy now pay later provider’s shares have come under pressure since completing an institutional placement on Thursday. Openpay raised $33.8 million through at a discount of $2.40 per share. These funds will be used to accelerate its growth in the UK and Australia and support further geographic expansion.
The Zip Co Ltd (ASX: Z1P) share price is down 7% to $5.53. This decline appears to be a case of profit taking after some very strong gains this month. Investors have been fighting to get hold of the payments company’s shares after it announced its expansion into the United States. It is moving into the $5 trillion market through the acquisition of New York-based QuadPay.
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As of 2/6/2020
More reading
- 2 ASX shares better than the Afterpay share
- ASX 200 down 0.35%: UBS upgrades NAB and Westpac, Qantas soars again
- Why the Appen share price could come under pressure today
- Could the Openpay share price signal a wider boom for BNPL?
- 3 small cap ASX tech shares that could be stars of the future
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 CSL Ltd. and ZIPCOLTD FPO. The Motley Fool Australia owns shares of Appen Ltd. 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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