Why Kogan, MyState, Regional Express, & Strike shares are sinking

Kogan.com Ltd (ASX:KGN) and MyState Limited (ASX:MYS) shares are two of four sinking on Wednesday. Here's why…

| More on:
A man peers into the camera looking astonished, indicating a rise or drop in ASX share price

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

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is edging lower. The benchmark index is down slightly to 7,111.4 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down 6% to $10.02. This is despite there being no news out of the ecommerce company today. However, prior to today, the Kogan share price was up 21% since the end of last week. This may have led to some investors deciding to take a bit of profit off the table. Kogan's shares were sold off last week after another disappointing update.

MyState Limited (ASX: MYS)

The MyState share price is down 2.5% to $4.73. This follows the successful completion of the institutional component of its ~$80 million equity raising. The diversified financial services company raised a total of approximately $31.3 million from institutional investors at an 11.3% discount of $4.30 per new share. It will now seek to raise the balance via a retail entitlement offer at the same price.

Regional Express Holdings Ltd (ASX: REX)

The Regional Express share price has fallen 3% to $1.26. A number of travel shares have been under pressure today amid another rise in COVID-19 cases in Melbourne. This has led to a number of border restrictions being announced. There are concerns that if it gets out of control, it could derail the travel market recovery.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is down 4% to 31.7 cents. This follows the release of another update on its West Erregulla operation. While the company is making progress with its drilling, it also revealed that additional flow testing and de-sanding equipment will be required. Procurement processes are underway.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia has recommended Kogan.com ltd. 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

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 »