The S&P/ASX 200 index has followed the lead of U.S. markets and is tumbling lower on Wednesday. At the time of writing the benchmark index is down 1% to 6,372.6 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Accent Group Ltd (ASX: AX1) share price is down almost 7% to $1.49. The driver of a good portion of this decline was the footwear-focused retailer's shares trading ex-dividend this morning for its interim dividend. Eligible Accent Group shareholders can look forward to being paid its fully franked 5.3 cents per share dividend in a couple of weeks on March 19.
The HUB24 Ltd (ASX: HUB) share price is down a further 4% to $8.97. Earlier today the investment platform provider's shares fell to a multi-year low of $8.89 amid concerns that the Reserve Bank's rate cut could have a negative impact on its growth. HUB24 benefits from the interest income earned on cash balances on its platform that are waiting to be deployed.
The Perpetual Limited (ASX: PPT) share price has tumbled 8.5% lower to $35.54. As with Accent Group, a portion of this decline is attributable to its shares trading ex-dividend this morning for the investment company's interim dividend. Eligible Perpetual shareholders will now be paid its fully franked $1.05 per share interim dividend in just over three weeks on March 27.
The Xero Limited (ASX: XRO) share price is down 4% to $76.81. This appears to have been driven by weakness in the tech sector after a sizeable decline on the technology-focused Nasdaq index overnight. This weakness seems to have been triggered by a surprise rate cut by the U.S. Federal Reserve which unsettled markets. Xero isn't the only tech share tumbling lower. At the time of writing the S&P/ASX 200 information technology index is down by a sizeable 3.1%.
