The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to continue its poor run with another decline on Thursday. In afternoon trade the the benchmark index is down 0.3% to 6,144.8 points.
Four shares that have fallen more than most today are listed below. Here's why they have tumbled lower:
The Eclipx Group Ltd (ASX: ECX) share price has continued its slide and is down a further 9% to 75.7 cents. This latest decline means the fleet management company's shares have crashed a massive 60% in the space of two days. The catalyst for this was another disappointing trading update and the breakdown of merger talks with industry peer McMillan Shakespeare Limited (ASX: MMS).
The FBR Ltd (ASX: FBR) share price has tumbled 8% lower to 9.2 cents. After the market closed on Wednesday the robotics company advised that it has agreed with Brickworks Limited (ASX: BKW) to extend the period of the memorandum of understanding in relation to their proposed joint venture by a further 45 days. Investors may be concerned that talks aren't going as well as hoped.
The Flight Centre Travel Group Ltd (ASX: FLT) share price is down almost 5% to $43.00. This decline is almost entirely attributable to the travel agent's shares trading ex-dividend today for its interim and special dividends. Last month the company announced that it would pay a fully franked $0.60 per share interim dividend and an additional fully franked $1.49 per share special dividend. This was due to its solid first half and the "success in diversifying and globalising its business."
The Zip Co Ltd (ASX: Z1P) share price has dropped 6% lower to $1.74 after revealing the details of its share purchase plan. Shareholders who were on the Zip register at 7:00pm EST on March 13 now have the opportunity to subscribe for up to $15,000 worth of new shares at the discounted price of $1.53 per share. Some eligible shareholders may be offloading shares today in anticipation of receiving more courtesy of the SPP in the coming weeks.
