In early afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its slide. At the time of writing the index is down 0.25% to 5,576.3 points.
Four shares that have fallen more than most today are listed below. Here's why they have sunk lower:
The Bega Cheese Ltd (ASX: BGA) share price has crashed 12.5% lower after the food company provided a disappointing market update. Management advised that the drought was having a negative impact on the dairy industry and has led to a significant increase in farming costs and ultimately farm gate milk prices. As a result, it has forecast a normalised profit after tax in the range of $44 million and $48 million. At worst this will be flat on FY 2018's result and at best it would be 9% growth.
The Kidman Resources Ltd (ASX: KDR) share price has given back its early gains and fallen over 3% to $1.21. This morning Kidman announced a memorandum of understanding with South Korea's LG Chem for the supply of lithium hydroxide. If this progresses to a binding agreement it will mean Kidman Resources has hit its target of securing offtake agreements with high quality counterparties for approximately 75% of its share of lithium hydroxide production for the initial years of the Mt Holland Lithium Project.
The Syrah Resources Ltd (ASX: SYR) share price has fallen 7% to $1.58 despite there being no news out of the graphite miner. A number of battery ingredient producers have fallen heavily today, possibly due to concerns that a slowdown in economic growth could lead to lower than expected sales of electric vehicles and thus lower demand for graphite and lithium.
The Santos Ltd (ASX: STO) share price has fallen almost 3% to $5.27 after oil prices crashed to 15-month lows overnight. At one stage the WTI crude oil price had fallen almost 8% to US$45.95 a barrel and the Brent crude oil price was down 6% to US$56.04 a barrel. Concerns over a potential supply glut and reports that Russia was pumping oil out at record levels weighed on prices.
