The S&P/ASX 200 index is on course to finish the day in the red due to global trade war concerns. In afternoon trade the benchmark index is down 0.4% to 6,271.1 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Afterpay Touch Group Ltd (ASX: APT) share price is down 5.5% to $26.91. The payments company's shares have come under pressure today due to weakness in the tech sector and an update from FlexiGroup Limited (ASX: FXL) in relation to the performance of its rival buy now, pay later platform. FlexiGroup announced several major new additions to its humm platform including furniture giant IKEA today.
The Nearmap Ltd (ASX: NEA) share price has dropped 3.5% to $3.95 despite there being no news out of the aerial imagery technology and location data company. But with its shares more than doubling so far in 2019, I wouldn't be surprised if some investors are taking a bit of profit off the table during this bout of market volatility.
The Pushpay Holdings Ltd (ASX: PPH) share price has dropped 3.5% to $3.48 following the release of the payment company's full year results. Although Pushpay delivered a strong result and provided very positive earnings guidance for FY 2020, news that its CEO has resigned appears to have spooked investors. CEO Chris Heaslip will step down from the role on May 31 and be replaced by Bruce Gordon. Mr Gordon was previously Chairman of the Board.
The Treasury Wine Estates Ltd (ASX: TWE) share price has tumbled 6.5% lower to $15.13. As well as concerns over the trade war, the company's shares have come under pressure today after the wine company's CEO offloaded a large number of shares. According to a change of director's interest notice, Michael Clarke sold 400,000 ordinary shares on market for a total consideration of just under $6.9 million.
