It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At lunch the benchmark index is down almost 1.6% to 5,592.9 points.
Four shares that have fallen more than most today are listed below. Here's why they have started the week in the red:
The A2 Milk Company Ltd (ASX: A2M) share price is down 3% to $10.10 despite there being no news out of the infant formula company. However, significantly weaker-than-expected Chinese trade data released over the weekend could have left investors concerned. According to CNBC, China's weaker than expected November exports and imports could be pointing to slower global and domestic demand.
The Inghams Group Ltd (ASX: ING) share price has dropped 8% to $4.19. Earlier today I revealed that the poultry producer was the sixth most shorted share on the Australian share market with 13.3% of its shares held short. Short sellers are believed to be targeting the company due to concerns that input costs could rise due to the droughts. Today's decline, though, is attributable to its shares trading ex-capital return this morning.
The IOOF Holdings Limited (ASX: IFL) share price has continued its decline and is down a further 7% to $4.27. Investors have been heading to the exits in their droves after APRA advised that it is seeking Federal Court approval to disqualify three executives and two directors from the industry, including its chairman and managing director, for failing to act in the best interests of superannuation members. APRA is also aiming to have additional licence restrictions placed on IOOF.
The WiseTech Global Ltd (ASX: WTC) share price is down almost 6% to $17.19 after a selloff in the tech sector. On Wall Street on Friday investors sold off the FAANG stocks after the Wall Street Journal reported that federal prosecutors will bring charges against Chinese hackers allegedly trying to break into technology service providers in the United States. Investors are concerned that this could put a strain on the fragile trade talks between the two nations.
