The S&P/ASX 200 index has fought back from a heavy decline this morning and is trading ever so slightly lower in afternoon trade. At the time of writing the benchmark index is down a few points to 7,018.8 points.
Four shares that have fallen more than most today are listed below. Here's why they have started the week in the red:
The Boral Limited (ASX: BLD) share price has crashed 10.5% lower to $4.61. Investors have been selling the building products company's shares following the release of its half year results. Although its 6% decline in EBITDA to $440 million was largely in line with its guidance, management's outlook appears to have spooked investors. Boral's CEO and Managing Director, Mike Kane, said: "We have seen a challenging start to the second half of the year." The company also revealed sweeping changes in its North American Windows business following an investigation into financial irregularities.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has dropped almost 4.5% lower to $38.01. The catalyst for this may be a broker note out of Ord Minnett this morning. In response to its trading update last week, the broker has downgraded the travel agent's shares to a hold rating from buy and cut the price target on them to $41.38.
The Praemium Ltd (ASX: PPS) share price is down 4.5% to 47.5 cents despite reporting a record half year result this morning. In the first half of FY 2020 Praemium posted revenue and other income growth of 5% to $24.2 million. The company's underlying EBITDA came in at $7 million, which was a 37% increase on the same period last year. This was the 12th consecutive half of profit increase for Praemium.
The REA Group Ltd (ASX: REA) share price is down 3% to $113.55. This decline may be due to a reasonably bearish broker note out of Credit Suisse this morning. According to the note, the broker has retained its underperform rating and trimmed the price target on the property listings company's shares to $100.20. The broker notes that listings are expected to recover in the second half but developer volumes remain weak and could weigh on its performance.
