In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is down a disappointing 0.3% to 5,713points due partly to heavy declines in the energy sector.
Four shares which have fallen more than most today are listed below. Here's why they have sunk lower:
The a2 Milk Company Ltd (Australia) (ASX: A2M) share price is down 2.5% to $6.01 after Deutsche Bank downgraded the dairy company's shares to a hold rating on valuation grounds. I would agree with the broker that a2 Milk is a hold after its strong run.
The Beach Energy Ltd (ASX: BPT) share price has fallen 4.5% to 87 cents. Today's decline could be the result of profit taking after its shares stormed higher on Monday. Beach Energy's shares rose strongly after announcing that its planned acquisition of Lattice Energy has received strong support from institutional investors.
The QBE Insurance Group Ltd (ASX: QBE) share price has tumbled 4% to $9.79 after advising that it has increased its 2017 large individual risk and catastrophe claims allowance following the hurricanes and earthquakes in North and Central America. This is expected to impact pre-tax earnings by approximately $600 million. Interestingly, Shaw and Partners warned that this would happen last week.
The Technology One Limited (ASX: TNE) share price has plunged 12% to $4.45 after the software company reduced its full-year profit growth guidance to between 7% and 9%. Previous guidance had been for profit growth of 10% to 15%, but a weaker-than-expected performance by its consulting business and a delay in the closing of significant deals led to the downgrade.
