Why Flight Centre, PolyNovo, Vulcan, & Zip shares are sinking

It hasn't been a good day for these ASX shares…

| More on:
ASX shares skills shortage downgrade arrow causing the ground to crack symbolising a recession

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

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.3% to 7,331.2 points.

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

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down 2% to $14.77. Investors have been selling travel shares on Thursday amid reports that the Victorian government is planning a snap lockdown in Melbourne tonight. Investors appear concerned that this will derail the travel market recovery once again.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price has sunk 9% to $2.09. This decline appears to have been driven by a couple of broker notes this morning in response to its sales update yesterday. Both Bell Potter and Ord Minnett have downgraded the medical device company's shares to hold ratings and cut their price targets. Bell Potter's price target has reduced to $2.65 whereas Ord Minnett has cut its price target to $2.54.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan Energy share price has tumbled 10% lower to $9.22. This is despite there being no news out of the lithium explorer on Thursday. However, prior to today, the Vulcan share price was up 24% in the space of a week. This could have led to some investors taking a bit of profit off the table today.

Zip Co Ltd (ASX: Z1P)

The Zip share price has continued its slide and is down a further 5.5% to $6.92. This buy now pay later (BNPL) provider's shares have been sold off amid reports that Apple is intending to enter the BNPL market. In addition to this, PayPal has announced the removal of late fees, which is further intensifying competition in the industry.

Motley Fool contributor 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 and has recommended POLYNOVO FPO and ZIPCOLTD FPO. The Motley Fool Australia has recommended 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

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 »

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 Dateline, DroneShield, Ora Banda, and Pilbara Minerals shares are dropping today

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

Read more »

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

Why Qantas, Resimac, Tyro, and Soul Patts shares are falling today

These shares are having a tough session today. But why?

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why Betr, Evolution, NIB, and West African Resources shares are falling today

These shares are having a tough time on hump day. 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.
Share Fallers

Why Elders, IDP Education, Life360, and Pilbara Minerals shares are falling today

Let's see why investors are selling these shares.

Read more »