In afternoon trade the S&P/ASX 200 index is on course to start the week with a disappointing decline. At the time of writing the benchmark index is down 0.9% to 6,340 points.
Four shares falling more than most today are listed below. Here's why they have dropped lower:
The Beach Energy Ltd (ASX: BPT) share price has dropped 3% to $1.76 after oil prices extended their recent slump. According to Bloomberg, on Friday the WTI crude oil price fell a further 5.5% to US$53.50 a barrel and the Brent crude oil price dropped 3.6% to US$64.49 a barrel after global trade war concerns intensified following threats by President Trump to slap tariffs on Mexico. Oil prices have continued to weaken in Asian trade.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has crashed 8% lower to $31.69 after the U.S. FDA pushed back its priority review on its lead compound, SCENESSE, for three months. Originally the FDA had set July 8 as its goal date but extended it by three months to October 6 in order to give it with more time for a full review of the submission of the SCENESSE scientific dossier. Investors appear disappointed that this means at least another three months of no sales in the potentially lucrative market.
The Kogan.com Ltd (ASX: KGN) share price has dropped almost 6% to $5.28 despite there being no news out of the ecommerce company. Last month Kogan's shares came under pressure after the ACCC commenced proceedings against the company, alleging that it engaged in misleading conduct in respect of a promotion conducted for four days in June last year.
The Zip Co Ltd (ASX: Z1P) share price has tumbled 7% to $2.98 despite there being no news out of the buy now, pay later provider. However, with its shares up materially since the start of the year, I suspect that this decline can be attributed to profit taking from investors today. After all, even after accounting for today's drop, the Zip Co share price is up a staggering 171% in 2019.
