The S&P/ASX 200 index is on course to record another disappointing decline. In afternoon trade the benchmark index is down 0.7% to 6,675.2 points.
Four shares that are falling more than most today are listed below. Here's why they are sinking lower:
The BWX Ltd (ASX: BWX) share price has tumbled 5.5% to $4.37 on the day of its annual general meeting. I suspect that some investors were hoping the personal care products company would upgrade its guidance at the event. However, management has reiterated its expectation for revenue growth of 20% to 25% and EBITDA growth of 25% to 35% in FY 2020.
The Medibank Private Ltd (ASX: MPL) share price is down 2% to $3.11. This decline could be down to a broker note out of Goldman Sachs According to the note, its analysts have retained their sell rating and $2.68 price target on its shares. This follows the release of APRA private health insurance industry data for the September quarter. That data shows that policyholder growth remains soft, while claims growth is picking up. Goldman believes this is putting pressure on Medibank's margins.
The SEEK Limited (ASX: SEK) share price has fallen 3% to $22.05. This decline also appears to have been driven by a broker note. According to a note out of Morgans, its analysts have downgraded SEEK to a hold rating with a $21.82 price target. Morgans made the move on valuation grounds and due to concerns over its Zhaopin business. It believes the trade war is impacting the China-based job listings business.
The Westpac Banking Corp (ASX: WBC) share price is under pressure again and down a further 2% to $25.15. The banking giant's shares have been sold off this week after AUSTRAC launched civil proceedings against it. This is in relation to alleged contraventions of its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act. Westpac's shares are now trading lower than the price it raised $2 billion at from institutional investors earlier this month.
