In afternoon trade the S&P/ASX 200 index is on course to finish the day in the red. At the time of writing the benchmark index is down 0.65% to 6,334.2 points.
Four shares that have fallen more than most today are listed below. Here's why they have dropped lower:
The AMP Limited (ASX: AMP) share price has tumbled 4% lower to $2.22 following the release of a first quarter cash flow update. AMP reported net cash outflows of A$1.8 billion during the quarter, up 800% from A$200 million in net cash outflows in the first quarter of FY 2018. The AMP share price is now down around 47% since this time last year.
The Apollo Tourism & Leisure Ltd (ASX: ATL) share price crashed 20% lower to 69 cents after the recreation vehicle (RV) company downgraded its full year profit guidance. Following the results of recent RV shows in Australia and recent industry statistics, it has become apparent that its expected retail results will not be achieved. Management now expects NPAT to be between $17.5 million and $19.5 million in FY 2019, compared to $19.2 million for FY 2018 and its previous guidance of between $22 million and $24 million.
The Australia and New Zealand Banking Group (ASX: ANZ) share price has dropped 2.5% to $27.24 after being downgraded by two leading brokers following yesterday's half year results. ANZ's shares were taken off Goldman Sachs' conviction buy list and downgraded to neutral, whereas Credit Suisse went a step further and downgraded them to an underperform rating with a lowly $25.55 price target.
The Pendal Group Ltd (ASX: PDL) share price has fallen 12% to $8.14 after the asset manager reported a 26% decline in first half cash earnings to $84.5 million. Management blamed the poor result on significantly lower performance fees, which fell a massive 91% to $4.4 million. One small positive was that its funds under management closed the period at $100.9 billion, up 2% on the same time last year.
