The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. In afternoon trade, the benchmark index is down 0.1% to 7,451.7 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Australia and New Zealand Banking GrpLtd (ASX: ANZ)
The ANZ share price is down 2% to $28.27. The catalyst for the weakness in the ANZ share price today has been its shares trading ex-dividend for its fully franked final dividend. Last month the banking giant declared a final dividend of 72 cents per share. This will now be paid to eligible shareholders on 16 December.
Clinuvel Pharmaceuticals Limited (ASX: CUV)
The Clinuvel share price is down a further 8.5% to $32.50. Investors have been selling this biopharmaceutical company’s shares since late last week when Jefferies downgraded them to a hold rating. The broker has a few concerns over the launch of a new product competing with Clinuvel’s Scenesse therapy in the treatment of EPP.
Polynovo Ltd (ASX: PNV)
The PolyNovo share price has sunk 11% to $1.56. This medical device company’s shares have been sold off since announcing the surprise resignation of its Managing Director, Paul Brennan, on Friday afternoon. Mr Brennan’s interactions with senior staff and his management style led to increasing differences between him and the Board.
Vulcan Energy Resources Ltd (ASX: VUL)
The Vulcan share price is down 10% to $11.20. This lithium developer’s shares have come under pressure recently amid concerns over a short seller attack. It appears as though the company’s actions since then have caused a few concerns. This could be adding further pressure to the Vulcan share price on Monday, much to the delight of short sellers.
The post Why ANZ, Clinuvel, PolyNovo, and Vulcan shares are dropping appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of August 16th 2021
More reading
- Vulcan Energy (ASX:VUL) share price sinks 9% as short battle continues
- Why has the ANZ (ASX:ANZ) share price dropped 2% today?
- Why the PolyNovo (ASX:PNV) share price is sinking 8% today
- ASX 200 (ASX:XJO) midday update: Sydney Airport agrees to takeover, Wesfarmers’ strikes API deal
- These 6 ASX shares are going ex-dividend this week
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. owns shares of and has recommended POLYNOVO FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/3wtlF8z
Leave a Reply