The S&P/ASX 200 index has given back its morning gains and is trading notably lower in afternoon trade. At the time of writing the index is down 0.45% to 6,999.5 points.
Four shares that are falling more than most today are listed below. Here's why they are tumbling lower:
The Auscann Group Holdings Ltd (ASX: AC8) share price is down 4.5% to 32 cents. This follows the release of the medicinal cannabis company's second quarter update. Some investors may be concerned with the company's cash burn. If it continues at the same rate then AusCann may require some additional funding in 2021. Though, the upcoming launch of its first medicinal cannabis products could push this back.
The Nearmap Ltd (ASX: NEA) share price has crashed 25% lower to $1.82 after being the latest company to downgrade its guidance. This downgrade was made following the loss of a major contract and two churn/downgrade events. Management has reduced its FY 2020 annualised contract value (ACV) guidance to the range of $102 million to $110 million. This compares to its previous guidance of $116 million to $120 million.
The Panoramic Resources Ltd (ASX: PAN) share price has dropped a massive 23% to 21.5 cents. Investors have been selling the nickel producer's shares after it downgraded its short-term production outlook for the Savannah Nickel Mine. Total FY 2020 nickel production is now expected to be 5.2kt to 5.6kt, compared to its previous guidance of 7kt – 7.5kt. Similar downgrades have also been made to copper and cobalt production.
The Webjet Limited (ASX: WEB) share price is down 5.5% to $12.18. This latest decline appears to be due to concerns over the impact of coronavirus on the travel industry. A number of airlines have suspended flights to mainland China amid concerns over the spread of the virus. Webjet isn't the only travel share tumbling lower. Almost all of its industry peers are deep in the red today.
