It has been a disappointing end to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) after financial markets were heavily sold off amid concerns President Trump may have started a global trade war. At the time of writing the benchmark index is down 2% to 5,820 points.
Four shares falling more than most today are listed below. Here's why they are ending the week deep in the red:
The BlueScope Steel Limited (ASX: BSL) share price has plunged 6.5% to $14.65 after steel prices sank amid President Trump's announcement. Whilst I wouldn't be in a rush to snap up shares today, I do think that this could potentially be a buying opportunity when the dust eventually settles.
The Myer Holdings Ltd (ASX: MYR) share price has continued its poor run and is down a further 8% to 36.2 cents. Today's decline may be in response to reports in the Fairfax press yesterday regarding Solomon Lew's latest call to shareholders. According to the report, Mr Lew said the first-half loss was the "final nail" in the coffin for Myer's directors. He went on to pull apart the results and questioned its online sales growth.
The Sigma Healthcare Ltd (ASX: SIG) share price has fallen 4% to 78.2 cents. This morning a broker note out of Citi revealed that its analysts have retained their sell rating and cut the price target on Sigma's shares to 70 cents following the release of its half-year results yesterday. Citi believes its shares are overvalued and expects the company to progressively lose Chemist Warehouse as a customer when its current supply contract ends in June 2019.
The Whitehaven Coal Ltd (ASX: WHC) share price has fallen 4.5% to $4.31. After the market closed on Thursday, Whitehaven Coal announced the acquisition of the 75% interest in the Winchester South coal asset from Rio Tinto Limited (ASX:RIO) for US$200 million. Investors may now be concerned that it overpaid for the asset if a trade war materialises and weaken commodity prices.
