It has been another disappointing day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At the time of writing the benchmark index is down a further 1% to 6,041.7 points.
Four shares that are falling more than most today are listed below. Here's why they have tumbled lower:
The Afterpay Touch Group Ltd (ASX: APT) share price has fallen 5% to $15.90. A number of high PE tech shares have dropped deep into the red today. This could be a combination of profit taking from investors after major gains over the last 12 months and investors responding to widening bond yields. As treasury bonds are used in discounted cash flow models, when yields widen the intrinsic value of a share will more than likely reduce.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has plunged over 9% lower to $19.69 despite there being no news out of the biopharmaceutical company. But as with Afterpay Touch, Clinuvel's shares have been on fire over the last 12 months and were trading on nosebleed valuations.
The Ramsay Health Care Limited (ASX: RHC) share price has dropped 2.5% to $54.32 after the private hospital operator's French subsidiary increased its takeover offer for Swedish peer Capio. The offer has been increased from SEK 48.5 per share to SEK 58 cash per share. This has lifted the valuation to approximately $1.294 billion. Goldman Sachs doesn't appear to see value in the move and has retained its sell rating and $49.00 price target on Ramsay's shares.
The Resolute Mining Limited (ASX: RSG) share price has tumbled 5% lower to $1.01. Although the market is having a bit of a meltdown, investors have not fled to risk off assets like the gold miners due to a sudden drop in the gold price overnight. The spot gold price fell 1.1% to US$1,188 an ounce overnight on the back of subdued demand.
