In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is on course to end its winning streak. At the time of writing the benchmark index is down 0.2% to 6,829.6 points.
Four shares that have fallen more than most today are listed below. Here's why they have crashed lower:
The Adelaide Brighton Ltd (ASX: ABC) share price is down 18% to $3.54 after the building products company downgraded its full year profit guidance materially. Due partly to the softening of conditions in the residential and civil construction markets, Adelaide Brighton expects underlying net profit after tax (excluding property) to be in the range of $120-130 million in FY 2019. This compares to the mid-point of its previous guidance range of ~$167 million.
The Auscann Group Holdings Ltd (ASX: AC8) share price has fallen 7.5% to 48 cents following the release of the medicinal cannabis company's quarterly update. During the June quarter the company reported cash receipts of just $671,000. Investors appear disappointed with the continued lack of meaningful revenue generation. Though, it is worth noting that the company finished the period with a sizeable cash balance of ~$35 million.
The CYBG PLC (ASX: CYB) share price has sunk over 10% lower to $3.21 after the UK-based bank released a disappointing update. The bank's shares have come under pressure after it warned that a large volume of mortgages have been paid off by customers during the third quarter. This has had a negative impact on its lending income.
The Independence Group NL (ASX: IGO) share price is down 3.5% to $5.42 after the gold and nickel miner released its full year update. Although Independence delivered a strong production result over the 12 months, its costs were higher than expected. Unfortunately, these costs are expected to rise again in FY 2020, putting further pressure on margins.
