Why Afterpay, ANZ, Domino's, & Flight Centre shares are tumbling lower

Afterpay Ltd (ASX:APT) and Flight Centre Travel Group Ltd (ASX:FLT) are two of four ASX shares tumbling notably lower on Wednesday…

| More on:
white arrow pointing down

Image source: Getty Images

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

sdf

The S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain on Wednesday. In afternoon trade, the benchmark index is up 0.6% to 7,112.2 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are tumbling lower:

Afterpay Ltd (ASX: APT)

The Afterpay share price is down almost 4% to $106.68. This appears to have been driven by weakness in the tech sector today following a selloff on Wall Street's Nasdaq index overnight. It isn't just Afterpay that is under pressure. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down 1.5%.

Australia and New Zealand Banking GrpLtd (ASX: ANZ)

The ANZ share price is down 2.5% to $28.15. This follows the release of the banking giant's half year results this morning. For the six months ended 31 March, ANZ reported cash earnings from continuing operations of $2,990 million. This was up 28% on its second half of FY 2020. This allowed the bank to declare a fully franked interim dividend of 70 cents per share. However, it appears that some investors were expecting even more from the bank.

Domino's Pizza Enterprises Ltd (ASX: DMP)

The Domino's share price has fallen 2% to $104.58. This decline appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded its shares to a neutral rating with a $108.50 price target. It notes that Domino's has spoken cautiously about its outlook for the second half.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price has dropped a further 3.5% to $15.57. Investors have been selling the travel agent's shares since the release of a third quarter update on Tuesday. The market appears disappointed that Flight Centre is expecting to post a second half loss in line with the one recorded in the first half. This morning analysts at Citi suggested that the company might not breakeven until FY 2023.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

Three guys in shirts and ties give the thumbs down.
Share Fallers

Why Aurelia Metals, Centuria Office, Meeka Metals, and Resolute shares are tumbling today

These shares are having a tough time on Thursday. Let's find out why.

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Block, Catalyst Metals, Coronado Global, and Pilbara Minerals shares are falling today

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

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why Betr, Regis Resources, St Barbara, and Woodside shares are falling today

These shares are taking a tumble on Tuesday. 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 4DS Memory, ASX, Betr, and Northern Star shares are tumbling today

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

Read more »

Person with thumbs down and a red sad face poster covering the face.
Share Fallers

Why Accent, Cettire, Ioneer, and Pro Medicus shares are dropping today

These shares are ending the week in the red. What's going on?

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 Betmakers, Cettire, Johns Lyng, and Vulcan shares are falling today

These shares are having a tough session on Thursday. But 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 Austal, Beach Energy, Perseus, and Platinum shares are falling today

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

Read more »

Frustrated stock trader screaming while looking at mobile phone, symbolising a falling share price.
Share Fallers

Why Coronado Global, Genesis Minerals, Monash IVF, and Platinum shares are sinking today

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

Read more »