It has been a disappointing start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down 0.6% to 5,870.1 points.
Four shares that have fallen more than most today are listed below. Here's why they started the week in the red:
The Beach Energy Ltd (ASX: BPT) share price has dropped over 4% to $1.63 after oil prices tumbled lower during U.S. trade. At one stage during the session oil prices were down as much as 4%. They have since rebounded slightly during Asia trade, but are still down meaningfully since Friday. Prices tumbled after weak industrial earnings sparked demand fears.
The Eclipx Group Ltd (ASX: ECX) share price has fallen 20% to $2.13 after the leading provider of fleet, equipment leasing and management, vehicle rentals and online auction services warned that it has had a weaker than expected first half. This has been caused by "softer Consumer and continued softness in Insolvency/Industrial auction market conditions".
The Incitec Pivot Ltd (ASX: IPL) share price has tumbled 8.5% lower to $3.26. Investors have been hitting the sell button in a hurry today after the specialty chemicals company advised that outages at its Louisiana and Phosphate Hill plants are going to impact its EBIT by approximately $45 million during FY 2019.
The Volpara Health Technologies Ltd (ASX: VHT) share price has dropped 10.5% to $1.11 following the release of the health technology company's third quarter update. Although Volpara revealed that its Annual Recurring Revenue (ARR) was up 56% since the end of FY 2018 to NZ$5.6 million, this was lower than expected. The company blamed the shortfall on the confusion caused by the introduction of GDPR in Europe in mid-2018, its US sales team taking time to get fully productive, and the longer than expected time it's taking to close deals with some very big US screening organisations.
