It has been another volatile day for the S&P/ASX 200 Index (ASX: XJO). After giving back its morning gains, the benchmark index is on course to record another decline this afternoon. At the time of writing the benchmark index is down 1.8% to 4,865.7 points.
Four shares that have fallen more than most today are listed below. Here's why they are tumbling lower:
The Adairs Ltd (ASX: ADH) share price has crashed 26.5% to 68 cents. The Adairs share price has come under pressure today after it withdrew its FY 2020 earnings guidance and cancelled its interim dividend. The company made the move due to the ongoing uncertainty regarding the duration and impact of the coronavirus pandemic. Adairs highlighted that the cancellation of its dividend was precautionary, reflecting the focus of the board on maintaining strong liquidity and protecting long term shareholder value.
The Afterpay Ltd (ASX: APT) share price is down 20.5% to $10.15. Investors have been selling the buy now pay later provider's shares this week due to the coronavirus outbreak. There are concerns that increasing unemployment because of temporary and permanent business closures could impact its sales growth and cause a spike in bad debts. Especially given how popular the service is with millennials, which are arguably most exposed to the current downturn.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has fallen 31.5% to $10.13. This appears to have been driven by news that rival Webjet Limited (ASX: WEB) is launching a capital raising. Whilst the details of the raising have yet to be announced, it appears to have been done in order to secure the future of the online travel agent during these incredibly tough market conditions.
The Lovisa Holdings Ltd (ASX: LOV) share price has sunk 41% lower to $2.56. Investors have been selling the jewellery retailer's shares after it revealed that many of its stores globally have been closed temporarily due to the coronavirus outbreak. In addition to this, the company advised that stores that remain open are experiencing a sizeable decline in sales due to weakening consumer sentiment.
