In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is off its low but remains on course to end its winning streak. The benchmark index is down 0.75% to 5,367.3 points at the time of writing.
Four shares falling more than most today are listed below. Here's why they are dropping lower:
The Elixinol Global Ltd (ASX: EXL) share price has crashed 14% lower to 33 cents. This morning the cannabis company's shares returned from a trading halt after completing the institutional component of its entitlement offer. Elixinol raised approximately $5.3 million at a deep discount of 20 cents per new share. It will now attempt to raise a further $5.6 million via retail investors.
The National Storage REIT (ASX: NSR) share price has fallen 6% to $1.59 after completing its fully underwritten $300 million institutional placement. The storage giant raised the funds at a 7.1% discount of $1.57. These funds will be used to strengthen its balance sheet, replenish investment capacity and provide additional funding flexibility. The company will now seek to raise up to $30 million via a security purchase plan.
The Qantas Airways Limited (ASX: QAN) share price is down 3% to $3.51. This morning Credit Suisse responded to Qantas' latest market update by retaining its underperform rating and $2.20 price target. It has concerns that social distancing measures could impact seating on planes in the near term. It also suspects that Virgin Australia Holdings Limited (ASX: VAH) could return from administration as a stronger competitor.
The Vicinity Centres (ASX: VCX) share price is down 4% to $1.33. This follows the release of a trading update this morning. The shopping centre operator's update revealed that 50% of stores were open as of May 4. This represents 65% of portfolio gross lettable area. Positively, the company is well-placed to navigate the crisis. It has $1.3 billion of cash balances and undrawn facilities.
