In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and dropped significantly lower. At the time of writing the benchmark index is down 1.1% to 6,941.8 points.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
The Bubs Australia Ltd (ASX: BUB) share price is down a sizeable 10% to 73 cents. Investors have been selling the infant formula and baby food company's shares since the release of its second quarter update last week. That update revealed a reasonably severe slowdown in sales growth since the end of the first quarter.
The FlexiGroup Limited (ASX: FXL) share price has crashed 11% to $1.87 following the release of a trading update. Although the financial services company announced a four-year deal with Flight Centre Travel Group Ltd (ASX: FLT), this news was offset by a guidance downgrade. FlexiGroup now expects transaction volumes to grow between 10% and 15% for the full year. This compares to its previous guidance of at least 15% volume growth in FY 2020.
The Oil Search Limited (ASX: OSH) share price has fallen 7.5% to $6.70 after the release of an update on its P'nyang gas agreement. According to the release, the Papua New Guinea government has announced that negotiations on the P'nyang Gas Agreement have stopped. This is to allow the government to concentrate on developments already in its pipeline. Oil Search advised that it will seek to advance the Papua LNG Project in a timely way. However, it recognises that several engineering and commercial modifications will need to be made now the P'nyang development is delayed.
The Worley Ltd (ASX: WOR) share price has tumbled 9% to $13.89. This morning the engineering company announced the retirement of its chief executive officer and managing director, Andrew Wood. Mr Wood has been with the company for 26 years and has spent the last 7 years as its leader. Worley has acted swiftly to replace the outgoing chief executive officer. It has announced the appointment of Chris Ashton effective February 24.
