Why Altium, Cann Group, NIB, & Pro Medicus shares are dropping lower

The Altium Limited (ASX:ALU) share price and the Pro Medicus Limited (ASX:PME) share price are two of four dropping lower today…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade the S&P/ASX 200 index is on course to end the year on a very disappointing note. At the time of writing the benchmark index is down 1.7% to 6,690.5 points.

Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:

The Altium Limited (ASX: ALU) share price is down almost 4% to $34.78 despite there being no news out of it. However, a number of tech shares have come under pressure today after their U.S. counterparts dropped lower. The catalyst for this appears to have been some end of year profit taking after stellar gains in 2019. Despite Altium's decline today, it is on course to record a gain of 61% this year.

The Cann Group Ltd (ASX: CAN) share price is crashing 8% lower to 62 cents. On Monday the cannabis company's shares rocketed higher amid speculation that Coca-Cola was planning to launch a CBD product range with cannabis giant Aurora Cannabis. As Cann Group has close ties and an offtake agreement with Aurora Cannabis, this would have the potential to be a big positive for the company. However, Coca-Cola has dismissed this speculation.

The NIB Holdings Limited (ASX: NHF) share price has fallen 3.5% to $6.34. Although there has been no news out of the private health insurer, reports of large numbers of people dropping their policies could be weighing on sentiment. According to the ABC, 2 million Australians have cancelled their private health insurance in the past five years. Experts are worried the exodus is putting a major strain on the public system.

The Pro Medicus Limited (ASX: PME) share price is down 7% to $22.81. Today's decline has wiped out yesterday's gains and more. The health imaging company's shares pushed higher on Monday after announcing a five-year deal with Palo Alto based Nines. Nines aims to help radiologists give customers exceptional service, quality, and access. It unites radiologists and engineers in-house to build modern quality tools for exceptional patient care.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of Altium. The Motley Fool Australia has recommended NIB Holdings Limited and Pro Medicus Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

Person with thumbs down and a red sad face poster covering the face.
Share Fallers

The worst 3 ASX 200 stocks to buy and hold in October unmasked

You would have done well to avoid these three ASX 200 stocks in October.

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why AFT, Amcor, Corporate Travel, and Macquarie shares are falling today

These shares are ending the week in the red. But why?

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why AGL, Imugene, Star, and Woolworths shares are dropping today

These shares are dropping on Thursday. Let's see why investors are selling them.

Read more »

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Fallers

Why Corporate Travel Management, JB Hi-Fi, Mineral Resources, and Syrah shares are rising

These shares are having a strong session. Why are investors buying their shares?

Read more »

A guys points his fingers down.
Share Fallers

Why Brainchip, Cettire, Star, and Woolworths shares are being sold off today

These shares are having a difficult time on hump day. But why?

Read more »

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Black Cat, BlueScope, Cettire, and Coronado shares are falling today

These shares are missing out on the good times on Tuesday. But why?

Read more »

a business man in a suit holds his hand over his eyes as he bows his head in a defeated post suggesting regret and remorse.
Share Fallers

Why Adriatic Metals, Metcash, Paladin Energy, and Westgold shares are tumbling today

These shares are starting the week in the red. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Share Fallers

Down 36% in 3 weeks, why is the Mineral Resources share price getting hammered again on Friday?

ASX investors are bidding down Mineral Resources shares again on Friday.

Read more »