The S&P/ASX 200 index has given back its early gains and is on course to record a disappointing decline. In afternoon trade the benchmark index is down 0.5% to 6,736.4 points.
Four shares that have fallen more than most today are listed below. Here's why they are sinking lower:
The Codan Limited (ASX: CDA) share price is down 6% to $6.18 despite there being no news out of the electronics company. Investors may be concerned that a recent pullback in the gold price will dampen demand for its metal detectors. Despite today's sizeable decline, the Codan share price has still more than doubled since the start of the year.
The Nine Entertainment Co Holdings Ltd (ASX: NEC) share price is down 5.5% to $1.74 following a profit warning. The media giant advised that it is being impacted by weak advertising markets. As a result, it expects full year pro forma EBITDA growth in the mid-single digit range. Previously, the company's guidance was for EBITDA growth of approximately 10% in FY 2020.
The Westpac Banking Corp (ASX: WBC) share price has tumbled 4% lower to $26.67. This decline appears to be largely down to the banking giant's shares trading ex-dividend today. Shareholders of Australia's oldest bank can now look forward to receiving its 80 cents per share fully franked dividend on December 20. In addition to this, the bank's share purchase plan opened for applications this morning.
The Whitehaven Coal Ltd (ASX: WHC) share price has dropped 5.5% to $3.19. The catalyst for this decline appears to be news that one of its biggest shareholders is selling down its stake. According to the AFR, US investment company Farallon Capital Management is looking to offload 95 million shares at $3.22 per share. This equates to around 9.3% of the company's shares outstanding. At the last count, Farallon Capital Management owned approximately 14.2% of the coal miner.
