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The S&P/ASX 200 Index (ASX: XJO) is on course to finish the week with a day in the red. In late morning trade the benchmark index is down 0.45% to 6,015.6 points.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
The Australian Ethical Investment Limited (ASX: AEF) share price has crashed 15% lower to $5.09. This follows an announcement by IOOF Holdings Limited (ASX: IFL) which revealed that it has sold down its stake in the ethical investment company. IOOF offloaded 14.2 million shares or 72% of its shareholding for a total consideration of $74.5 million. This represents an average of $5.25 per share, which was a 12.5% discount to Australian Ethical's last close price.
The Northern Star Resources Ltd (ASX: NST) share price is down 2% to $1.97. A number of Australian gold miners have come under pressure today despite the gold price pushing higher overnight. At the time of writing the S&P/ASX All Ordinaries Gold index is down 1.5%.
The ResMed Inc. (ASX: RMD) share price has fallen 2% to $25.38. This appears to have been driven by a broker note out of Morgan Stanley this morning. Following the release of its full year results on Thursday, the broker has downgraded ResMed's shares to an equal-weight rating with a reduced price target of $25.40. It made the move partly on valuation grounds after strong share price gains year to date.
The TPG Telecom Ltd (ASX: TPG) share price is down 2.5% to $8.04. The catalyst for this appears to be a broker note out of UBS this morning. Its analysts have downgraded the telco to a sell rating with a lowered price target of $7.20. It believes TPG's shares are overvalued and shouldn't be trading at such a premium currently. Especially given its upcoming special dividend payment.
