In afternoon trade the S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of U.S. markets and is sinking lower. At the time of writing the benchmark index is down 1.15% to 5,424.6 points.
Four shares that have fallen more than most today are listed below. Here's why they are tumbling lower:
The Caltex Australia Limited (ASX: CTX) share price has fallen 8% to $21.65. This follows the release of its first quarter trading update and a separate announcement revealing that takeover talks with Alimentation Couche-Tard have ended. Alimentation Couche-Tard decided not to proceed with its proposal at this time due to the high level of economic uncertainty caused by the COVID-19 pandemic. It advised that it may re-engage once there is sufficient clarity as to the global outlook.
The Next Science Ltd (ASX: NXS) share price is down 6% to $1.56 following the release of its first quarter update. According to the release, the COVID 19 US shutdown has impacted elective surgery volumes and some outpatient wound care centres. This has affected revenues in March and is expected to impact second quarter revenues. Product Sales Revenues for the first quarter were $451,000 (unaudited).
The Northern Star Resources Ltd (ASX: NST) share price has dropped 2% to $12.41. Australia's gold miners have been sold off today after the gold price sank lower on Friday night. Coronavirus treatment hopes and plans for a restart of the U.S. economy boosted risk sentiment. At the time of writing the S&P/ASX All Ordinaries Gold index is down 2%.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is down 1.5% to $6.15. This follows the release of its March update which revealed a 45.1% drop in traffic on the prior corresponding period. Passenger traffic has continued to slide in April and is down by over 96% month to date. In light of this, the company advised that it will conserve cash and not declare an interim distribution for FY 2020.
