It has been another disappointing day for the S&P/ASX 200 Index (ASX: XJO). Concerns over a potential second wave of COVID-19 in the United States has led to the index crashing 2.4% lower to 5,818 points.

Four shares that have fallen more than most today are listed below. Here’s why they are sinking lower:

The Jumbo Interactive Ltd (ASX: JIN) share price is down over 7% to $10.60. As well as being caught up in the market selloff, this morning S&P revealed that the lottery ticket seller would be dumped out of the ASX 200 at the next quarterly rebalance. Jumbo will cease being part of the benchmark index from the market open on 22 June 2020.

The Santos Ltd (ASX: STO) share price is down 4% to $5.37. Investors have been selling Santos and other energy shares on Friday after a collapse on oil prices overnight. Concerns over a potential second wave of coronavirus in the United States has spooked traders. If people are forced into lockdown again, demand for oil could take a major hit.

The Westpac Banking Corp (ASX: WBC) share price has fallen almost 5% to $17.65. Investors have been selling the banks again on Friday after Wall Street’s heavy decline. In addition to this, the banking giant revealed that AUSTRAC is further investigating matters that were brought to its attention by the bank recently. The financial intelligence agency has warned that it may amend its statement of claim to include allegations arising from these investigations.

The Zip Co Ltd (ASX: Z1P) share price has dropped 6% to $6.12 despite releasing another positive trading update. The payments company’s update revealed that its strong growth continued in May. During the month, Zip recorded monthly transaction volume of $189.3 million and revenue of $15.6 million. This was a 63% and 78% increase, respectively, over the same period last year.

More reading

• ASX 200: improved consumer sentiment to near pre COVID-19 levels
• Zip Co share price tumbles lower despite delivering more stellar growth in May
• S&P quarterly rebalance: A2 Milk added to ASX 50 & NEXTDC in the ASX 100
• ASX 200 to sink lower after Wall Street crashes on second wave concerns
• 5 things to watch on the ASX 200 on Friday

James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Jumbo Interactive Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia has recommended Jumbo Interactive Limited. 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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Investors have witnessed many S&P/ASX 200 Index (ASX: XJO) and All Ordinaries (ASX: XAO) shares withdraw guidances and defer dividend payments across March and April.

With uncertain times ahead, here are 3 top ASX dividend shares to watch. 

1. Money3 Corporation Limited (ASX: MNY) 

Money3 may not be a household ASX dividend share, but it represents a solid small-cap business with strong cash flow. It has also faced minimal disruption as a result of COVID-19.

The company provides automotive finance for the purchase and maintenance of vehicles. It estimates that approximately 1 in every 500 vehicles in Australia and 1 in every 800 vehicles in New Zealand have a current Money3 loan. Despite potential COVID-19 concerns, the business has reported a “minimal” impact on cash collections. It is expecting demand to return for automotive finance as lockdown restrictions ease. 

The company reported solid YTD March 2020 financial results, with earnings before interest, tax, depreciation and amortisation (EBITDA) growing 43.6%. Net profit after tax (NPAT) also soared 49.2% on the prior corresponding period. As at 27 April, the company had a cash balance of $43 million and currently pays a dividend yield of 6.25%. 

2. Fortescue Metals Group Limited (ASX: FMG) 

Despite the ASX 200 falling more than 3% on Thursday, the Fortescue share price held up held firm, falling a mere 0.73%. This follows news that the world’s largest iron ore miner, Vale SA was ordered to halt mining at its Itabira complex after 188 workers tested positive to coronavirus.

At the same time, demand in China is firm with low port stockpiles. Australian majors BHP Group Ltd (ASX: BHP), Rio Tinto Limited (ASX: RIO) and Fortescue will be poised to benefit. In my opinion, Fortescue could be the better pick, given its pure exposure to iron ore. It currently pays a dividend yield of 7.02%. 

3. Tassal Group Limited (ASX: TGR) 

There are many consumer tailwinds for Tassal’s salmon and prawns business. In Tassal’s recent presentation to the Goldman Sachs Emerging Leaders conference, it highlighted the following trends: 

• Rise in consumer demand for sustainable products that have traceability 
• Rise in at-home meals over eating out 
• Greater demand for easy to prepare meals solutions 
• Online media consumption to play a larger role in purchasing decisions.

From a supply perspective, Tassal highlighted that its strategic focus is to continually optimise biomass growth, size and sales mix to drive salmon EBITDA $/kg. I believe Tassal’s experience in sustainable farming practices in breeding, biosecurity, feed diet formulation, growth times and survival all attribute to bigger salmon that will generate better margins.

In my opinion, Tassal should be a very consistent ASX dividend share into the future, and currently pays a dividend yield of 4.68%. 

More reading

• 3 quality ASX dividend shares to solve your income needs
• 3 ASX 200 shares to add to your watchlist in 2020
• My share investing journey during the pandemic
• 2 top ASX dividend shares for income in 2020
• Here are another 2 insanely cheap ASX 200 shares to buy right now

Motley Fool contributor Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red after a major selloff on Wall Street overnight. In late morning trade the benchmark index is down 3.1% to 5,774.1 points.

There are not many shares that have managed to push higher today. But four shares that have are listed below. Here’s why they are on the rise:

The Mach7 Technologies Ltd (ASX: M7T) share price has returned from a trading halt and jumped 7.5% to 85 cents. Investors have been buying the enterprise image management systems provider’s shares after it announced the acquisition of Client Outlook for ~A$40.8 million. Client Outlook is a leading provider of an enterprise image viewing technology called eUnity. It increases Mach7’s addressable market opportunity from US$0.75 billion to US$2.75 billion.

The Meridian Energy Ltd (ASX: MEZ) share price is up 1.5% to $4.57. Investors have been buying the renewable energy company’s shares due to its status as a safe haven asset. The New Zealand-based energy company has operations on both sides of the Tasman sea.

The Spark Infrastructure Group (ASX: SKI) share price has risen 3% to $2.16. As with Meridian, Spark is seen as a safe haven asset and investors will often flock to it when markets become volatile. Incidentally, one broker that is positive on Spark is Macquarie. Last week it put an outperform rating and $2.33 price target on the company’s shares. This could mean there’s still further for its shares to run from here.

The TPG Telecom Ltd (ASX: TPM) share price is up over 0.5% to $8.10. Investors have been buying the telecommunications company’s shares after it revealed the special dividend it plans to pay if its Vodafone Australia merger completes as planned. TPG Telecom plans to pay a fully franked special dividend in the range of 49 cents per share to 52 cents per share. This equates to a generous 6% to 6.4% dividend yield based on its current share price.

More reading

• TPG Telecom share price lower after revealing special dividend plans
• Can this ASX dividend share afford its 11% yield?
• The TPG share price is on the up. A good long-term buy today?
• ASX 200 Weekly Wrap: ASX bulls crash through 6,000 points
• These were the worst performers on the ASX 200 last week

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 MACH7 FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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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