In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of yesterday's gains and is down over 0.3% to 5,837.19 points.
Four shares that have fallen more than most today are listed below. Here's why they have sunk lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has tumbled 4% lower to $5.70 following the release of its quarterly update. According to the release, during the third-quarter Afterpay Touch generated underlying sales of $530 million, up from $145 million a year earlier. While this was a 265% increase on the prior corresponding period, it was a 3% decline on the second-quarter. Whereas this time last year Afterpay Touch grew sales by 41% on the second-quarter.
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has fallen 5% to $5.32. The embattled investment company's shares have come under more selling pressure today despite denying speculation that its Wild Breads private equity business has appointed insolvency advisers. According to the release, advisers have actually been appointment to evaluate its business strategy, growth plans, and capital structure requirements, including reviewing potential acquisitions.
The Navitas Limited (ASX: NVT) share price has continued its decline and is down 4.5% to $4.42. Today's decline is likely to be attributable to a note out of Credit Suisse this morning which revealed that its analysts have retained their underperform rating and $4.00 price target. The broker appears to have been left disappointed by Navitas' recent update and its slower than expected growth in the first semester.
The Pushpay Holdings Ltd (ASX: PPH) share price has dropped almost 5% to $3.94 following the release of the donor management system provider's quarterly update. Investors may be concerned that although Pushpay delivered a 46.8% increase in annualised committed monthly revenue (ACMR) to US$86.4 million, the increase in ACMR was only US$27.6 million compared to US$36 million a year earlier. Despite this little blip I think Pushpay could have a bright future ahead of it and a massive market opportunity.
