Why Bellamy's, BWX, Sigma, & Syrah shares dropped lower today

The Bellamy's Australia Ltd (ASX:BAL) share price and the Sigma Healthcare Ltd (ASX:SIG) share price are two of four dropping notably lower on Wednesday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its poor run and dropped notably lower on Wednesday. In afternoon trade the benchmark index is down a further 0.65% to 6,135.5 points.

Four shares that have fallen more than most today are listed below. Here's why these shares have dropped lower:

The Bellamy's Australia Ltd (ASX: BAL) share price is down over 4% to $9.91 despite there being no news out of the organic infant formula and baby food company. However, with the market under pressure today and Bellamy's shares up significantly in recent weeks, I suspect that profit taking is weighing on them today. Bellamy's shares are still up 36% year to date even after today's decline.

The BWX Ltd (ASX: BWX) share price has tumbled almost 5% lower to $2.17. As with Bellamy's, there has been no news out of the vertically integrated developer, manufacturer, distributor and marketer of branded skin and hair care products today to trigger the selling. Instead, it looks to be profit taking after a massive gain over the last few weeks. Prior to today, the BWX share price was up 45% in the space of a month.

The Sigma Healthcare Ltd (ASX: SIG) share price has crashed 15.5% lower to 51.5 cents after the pharmacy chain operator and distributor rejected the Australian Pharmaceutical Industries Ltd (ASX: API) merger proposal. According to the release, a standalone business review concluded that the proposal was not in the best interests of Sigma shareholders.

The Syrah Resources Ltd (ASX: SYR) share price has continued its poor run and dropped 4% to a multi-year low of $1.05. The graphite miner's shares have come under significant selling pressure in 2019 after its quarterly update revealed the unwanted combination of higher than expected operating costs and lower than anticipated graphite prices.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Fisher & Paykel Healthcare, Humm, Novonix, and Webjet shares are tumbling today

These shares are having a tough session on Thursday. What's going on? Let's find out.

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

This ASX All Ords stock just crashed 23%! Here's why

Investors are sending the ASX All Ords stock tumbling today. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Why GQG, Novonix, Silex, and Vulcan Energy shares are sinking today

These shares are having a tough time on hump day. But why?

Read more »

A woman faces the camera with her lip raised up to the side in total confusion.
Bank Shares

Why is the CBA share price being hit so hard today?

Has CBA's luck finally run out?

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why ASX, CBA, Iperionx, and Sayona Mining shares are dropping today

These shares aren't having a good session on Tuesday. But why?

Read more »

A businesswoman exhales a deep sigh after receiving bad news, and gets on with it.
Share Fallers

Why Bell Financial, IPD, Megaport, and Resolute Mining shares are falling today

These shares are starting the week in the red. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Megaport, Pilbara Minerals, Vysarn, and WiseTech shares are falling today

These shares are ending the week in the red. But why?

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Accent, Sayona Mining, Web Travel, and Weebit Nano shares are dropping today

These shares are having a tough time on Thursday. Why are they being sold off?

Read more »