The S&P/ASX 200 index has had a disappointing start to the week despite gains on Wall Street on Friday. In afternoon trade the benchmark index is down 0.1% to 6,245 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 Bellamy's Australia Ltd (ASX: BAL) share price has continued its slide and is down a further 5% to $9.39. On Friday the infant formula company's shares came under pressure after being downgraded by analysts at Citi. According to the note, its analysts downgraded Bellamy's shares to a neutral rating with a $10.50 price target largely on valuation grounds after a strong share price rise since the start of the year.
The IOOF Holdings Limited (ASX: IFL) share price is down almost 2.5% to $6.44 after the embattled wealth management company advised that it has been served with a class action filed by Quinn Emanuel Urquhart & Sullivan. Quinn Emanuel alleges that between May 27 2015 and August 9 2018 IOOF contravened its continuous disclosure obligations under the ASX Listing Rules and engaged in misleading or deceptive conduct.
The Pendal Group Ltd (ASX: PDL) share price has crashed 8% lower to $8.54. On Friday the fund manager released a disappointing funds under management update. This hasn't gone down well with analysts at Credit Suisse. According to a note out of the investment bank, its analysts have retained their underperform rating and trimmed the price target on the company's shares down to $7.80.
The Perseus Mining Limited (ASX: PRU) share price has tumbled almost 7% to 45.2 cents after the gold price dropped notably lower. According to CNBC, the spot gold price is trading a further 0.35% lower on Monday at US$1,290.70 an ounce. The S&P/ASX All Ords Gold index is down a sizeable 2.7% at the time of writing.
