In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record its second successive decline. At the time of writing the benchmark index is down 0.75% to 5,312.3 points.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
The DEXUS Property Group (ASX: DXS) share price is down 3.5% to $8.89. This morning Premier Investments Limited (ASX: PMV) advised that its shops would remain closed until at least May 11. It also reiterated plans to not pay any rent during this time to shopping centre landlords. This may have sparked fears that DEXUS and other REITS could be impacted further by the pandemic if other retailers follow suit.
The Metcash Limited (ASX: MTS) share price has tumbled 9.5% lower to $2.75. This morning Metcash successfully completed its $300 million fully underwritten institutional placement. This placement saw approximately 107.1 million new shares issued to institutional investors at a price of $2.80 per share. This represents a discount of almost 8% to its last close price. The company will now seek to raise up to $30 million through a share purchase plan.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has dropped 3.5% to $5.89. This decline appears to be down to a bearish broker note. Analysts at Citi responded to the airport operator's traffic update by reiterating their sell rating and reducing their price target to $5.87. Citi expects passenger numbers to halve in 2020. And while a recovery domestically may not take long, it fears it could be some time until international passenger numbers return to normal.
The WiseTech Global Ltd (ASX: WTC) share price has crashed 8.5% lower to $14.40. This appears to have been driven by news that one of its major shareholders has been selling down its holding. According to the AFR, Capital Group is believed to have offloaded 9 million shares on Monday at a reasonable discount. This selling may have continued on Tuesday and could be weighing on its share price.
