In late morning trade the S&P/ASX 200 Index (ASX: XJO) has fought back from its lows but still trading in the red. At the time of writing the benchmark index is down 0.3% to 5,231.3 points.
Four shares that have fallen more than most are listed below. Here's why they are tumbling lower:
The Flight Centre Travel Group Ltd (ASX: FLT) share price is down 5% to $9.53 following the release of an update. Although the travel agent revealed that it is making strong progress with its cost cutting initiative, it also warned that bookings were down significantly in April. According to the release, Flight Centre's total transaction value (TTV) was at 5% to 10% of normal levels during the month.
The Insurance Australia Group Ltd (ASX: IAG) share price has fallen 3% to $5.44. Investors have been selling the insurance giant's shares after it warned that a final dividend would be unlikely in FY 2020. This follows a sharp loss in its investment income during the last few months and significant unrealised losses from the widening of credit spreads since the end of December.
The Qantas Airways Limited (ASX: QAN) share price is down 2% to $3.55. The catalyst for this decline appears to have been comments by Warren Buffett over the weekend. The legendary investor revealed that Berkshire Hathaway sold all its airline holdings during the last quarter. The investment conglomerate, which famously avoided airlines at all costs for years, made a loss on the sales.
The Woodside Petroleum Limited (ASX: WPL) share price is down 4% to $20.30. Investors have been selling Woodside and other energy shares after a pullback in oil prices this morning. According to CNBC, the WTI crude oil price is down 7.2% to US$18.35 a barrel and the Brent crude oil price is 2.6% lower at US$25.75 a barrel. The S&P/ASX 200 Energy index is down 3.6% at the time of writing.
