The S&P/ASX 200 index has had a disappointing start to the week. In afternoon trade the benchmark index is down 0.4% to 6,287.4 points.
Four shares that are falling more than most today are listed below. Here's why they have dropped lower:
The Australia and New Zealand Banking Group (ASX: ANZ) share price has tumbled 4% lower to $26.40. Whilst some of this decline has been caused by the weaker than expected third quarter update from Commonwealth Bank of Australia (ASX: CBA), the majority of it is due to ANZ's shares trading ex-dividend for its fully franked 80 cents per share interim dividend this morning. This dividend will be paid to eligible shareholders on July 1.
The Bubs Australia Ltd (ASX: BUB) share price has crashed 10% lower to $1.27 despite there being no news out of the infant formula company. I suspect that some investors have decided to take profit after a stellar share price gain over the last few weeks. Investors have been fighting to get hold of its shares following the announcement of a deal with Chemist Warehouse and its expansion into cow milk infant formula.
The Eclipx Group Ltd (ASX: ECX) share price is down 4.5% to 91.5 cents after the fleet management company announced that it expects to recognise non-cash impairment charges of between $110 million and $130 million in its first half results. These charges relate to the underperformance of its Grays and Right2Drive businesses. In addition to this, the company advised that its CEO has agreed to resign with immediate effect.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price has plunged 13.5% to $3.99 after the plumbing parts company advised of weaker than expected sales across almost all its business. In light of this, Reliance Worldwide downgraded its full year EBITDA guidance from between $280 million and $290 million to between $260 million and $270 million. Its shares sank as much as 26% lower this morning before rebounding.
