Why Kathmandu, Resolute, Select Harvests, & Treasury Wine Estates are dropping lower

Select Harvests Limited (ASX:SHV) and Treasury Wine Estates Ltd (ASX:TWE) shares are two of four dropping lower today…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a disappointing note. The benchmark index is currently down 0.65% to 6,559 points.

Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:

Kathmandu Holdings Ltd (ASX: KMD)

The Kathmandu share price has dropped 5% to $1.16 after announcing the exit of its CEO. According to the release, Xavier Simonet is resigning from the company to take up a senior role with the Australian Public Service. Mr Simonet will serve a six-month notice period before leaving to become the head of Austrade.

Resolute Mining Limited (ASX: RSG)

The Resolute share price is down 4% to 75.7 cents. Investors have been selling Resolute and other gold miners on Monday after the price of the precious metal pulled back on Friday night. Softening demand for safe haven assets has been weighing on the gold price. At the time of writing, the S&P/ASX All Ordinaries Gold index is down 1.7%.

Select Harvests Limited (ASX: SHV)

The Select Harvests share price has fallen 4% to $5.96. This follows the release of the almond producer's full year results this morning. Select Harvests reported a 52% decline in net profit after tax to $25 million. This was driven by a fall in global almond prices and delayed shipments, which offset a record almond crop.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine Estates share price is down 7.5% to $8.53. Investors have been selling the wine company's shares after it responded to news that China is placing tariffs on Australian wine exports. Management expects demand for its portfolio in China to be extremely limited because of these tariffs. This is bad news given that China contributed 30% of its earnings in FY 2020. Management is aiming to limit the damage by reallocating its Penfolds Bin and Icon range from China to other key luxury growth market.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Megaport, Pilbara Minerals, Vysarn, and WiseTech shares are falling today

These shares are ending the week in the red. But why?

Read more »

A young man clasps his hand to his head with his eyes closed and a pained expression on his face as he clasps a laptop computer in front of him, seemingly learning of bad news or a poor investment.
Share Fallers

Why Accent, Sayona Mining, Web Travel, and Weebit Nano shares are dropping today

These shares are having a tough time on Thursday. Why are they being sold off?

Read more »

A smartly-dressed man screams to the sky in a trendy office.
Share Fallers

Why Appen, DroneShield, PWR, and Webjet shares are sinking today

These shares are having a tough time on hump day. But why?

Read more »

a car driver sits up and looks alert with wide eyes and an expression of concentration while he holds the wheel of a car.
Share Fallers

Why this ASX All Ordinaries stock just crashed 24%!

Investors are punishing the ASX All Ords company today. Let’s find out why.

Read more »

A male investor wearing a blue shirt looks off to the side with a miffed look on his face as the share price declines.
Share Fallers

Why Elders, KMD, Lovisa, and Telix shares are dropping today

These shares are missing out on the good times on Tuesday. But why?

Read more »

A woman with short brown hair and wearing a yellow top looks at the camera with a puzzled and shocked look on her face as the Westpac share price goes down for no reason today
Share Fallers

Why Life360, Lovisa, NAB, and Resolute shares are falling today

These shares are starting the week in the red. But why?

Read more »

A young woman holds an open book over her head with a round mouthed expression as if to say oops as she looks at her computer screen in a home office setting with a plant on the desk and shelves of books in the background.
Healthcare Shares

This ASX All Ords share is diving 18% as inflation pain draws blood

This healthcare company delivered a trading update at its annual general meeting today.

Read more »

A woman with a sad face looks to be receiving bad news on her phone as she holds it in her hands and looks down at it.
Share Fallers

Why Healius, Opthea, Peninsula Energy, and Wildcat shares are falling today

These shares are having a tough finish to the week. But why?

Read more »