The Whitehaven Coal Ltd (ASX: WHC) share price has been the second-worst performer on the S&P/ASX 200 index today behind UK-based bank CYBG PLC (ASX: CYB).
In afternoon trade the coal miner's shares are down a massive 9% to $3.20. This leaves them trading just a fraction above their 52-week low of $3.14.
Why is the Whitehaven Coal share price sinking lower today?
The good news is that today's decline has little to do with the way the business is performing and a lot to do with its shares trading ex-dividend.
This morning the coal miner's shares traded without the rights to its upcoming final and special dividends. When this happens the share price generally drops in line with the dividend to reflect the fact that new buyers of its shares will not be entitled to it.
In the case of Whitehaven Coal, last month its board declared a 50% franked final ordinary dividend of 13 cents per share and unfranked 17 cents per share special dividend. This 30 cents per share partially franked dividend will now be paid to eligible shareholders on September 19.
Other shares trading ex-dividend.
Whitehaven Coal isn't the only company's which has shares trading ex-dividend today.
Also trading ex-dividend are share market operator ASX Ltd (ASX: ASX), mining giant BHP Group Ltd (ASX: BHP), corporate travel specialist Corporate Travel Management Ltd (ASX: CTD), financial services company FlexiGroup Limited (ASX: FXL), and private hospital operator Ramsay Health Care Limited (ASX: RHC).
And joining them on Friday are the shares of MNF Group Ltd (ASX: MNF) and WiseTech Global Ltd (ASX: WTC). MNF Group will trade ex-dividend for its 4 cents per share dividend and WiseTech Global is due to go ex-dividend for its 2 cents per share final dividend.
