In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing the benchmark index is down 2.3% to 5,137.3 points.
Four shares that have fallen more than most today are listed below. Here's why they are tumbling lower:
The Challenger Ltd (ASX: CGF) share price is down 9% to $4.15. This decline appears to be down to profit taking after a stellar gain this week. Prior to today, the annuities company's shares were up 34% week to date. Investors had been buying Challenger's shares after it provided an update on its capital position.
The National Australia Bank Ltd (ASX: NAB) share price has fallen 5.5% to $15.99. As well as coming under pressure due to the general market weakness, the big four were dealt a blow from across the pond today. This morning the Reserve Bank of New Zealand announced that it will be blocking New Zealand-based banks from paying dividends.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has crashed 8.5% lower to $5.31. The catalyst for this decline appears to be a broker note out of Credit Suisse this morning. According to the note, the broker has downgraded its shares to an underperform rating with a $4.50 price target. The broker suspects that a full recovery might take until 2023 for domestic passengers and 2024 for international passengers.
The Webjet Limited (ASX: WEB) share price has dropped 16.5% to $3.14 after returning from its suspension. The online travel agent's shares dropped lower after it completed the institutional component of its equity raising. Webjet is raising a total of $346 million at $1.70 per new share, which is a 55% discount to its last close price. These funds will be used to see the company through until the end of the year.
