The S&P/ASX 200 index has given back yesterday's gains and dropped sharply lower. The benchmark index is down 1.3% to 6,725 points in afternoon trade.
Four shares that have fallen more than most are listed below. Here's why they are tumbling lower:
The Appen Ltd (ASX: APX) share price is down 5% to $24.99. This decline may have been triggered by a spot of profit taking and a broker note out of Bell Potter. According to the note, the broker has downgraded its shares from a buy rating to hold with a price target of $28.00. It believes that most of Appen's growth has now been built into its share price.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is down over 10% to $3.04. This morning the gold miner's shares returned from their trading halt after completing its institutional entitlement offer and placement. Saracen successfully raised $701 million from institutional investors at a discount of $2.95 per share. The proceeds will be used to partly fund the 50% acquisition of the Super Pit.
The Volpara Health Technologies Ltd (ASX: VHT) share price has tumbled 5% lower to $1.99 following the release of its first half results. At the end of the half, the healthcare technology company's annual recurring revenue (ARR) reached NZ$15.7 million. This was up 227% on the NZ$4.8 million reported a year earlier. Investors may be disappointed that management only believes it is on track to meet its mid-range forecast for ARR of NZ$17.1 million for the full year.
The Westpac Banking Corp (ASX: WBC) share price has dropped almost 3% lower to $25.79. The banking giant's shares have come under pressure after acknowledging civil proceedings by AUSTRAC. This is in relation to alleged contraventions of its obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act.
