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After a strong start to the day, the S&P/ASX 200 Index (ASX: XJO) has faded in afternoon trade. At the time of writing the benchmark index is down 0.1% to 6,113.4 points.
Four shares that are falling more than most today are listed below. Here's why they are dropping lower:
The IDP Education Ltd (ASX: IEL) share price is down over 2% to $18.74. This appears to be down to profit taking after a huge gain on Thursday. Investors were fighting to get hold of the student placement and language testing company's shares after the release of a surprisingly strong full year result. Despite the pandemic, IDP Education reported a 2% decline in revenue to $587.1 million and a 29% increase in EBITDA to $148.6 million.
The IRESS Ltd (ASX: IRE) share price has fallen 3% to $10.44. Investors have been selling the financial technology company's shares since the release of its half year results on Thursday. Although IRESS reported a 12% increase in revenue, it disappointed the market by posting a 14% decline in net profit for the half.
The Mosaic Brands Ltd (ASX: MOZ) share price is down 5.5% to 68.5 cents. The catalyst for this was news that Westfield has forced the closure of 129 of its stores due to the non-payment of its rent. "These actions are extremely disappointing, given the current environment, and difficult to comprehend in the context of a relationship that spans close to 40 years," said Mosaic Chairman Richard Facioni.
The Mayne Pharma Group Ltd (ASX: MYX) share price is down almost 4% to 33.7 cents after posting another disappointing full year result. The pharmaceutical company reported a 13% decline in revenue to $457 million and a net loss after tax of $92.8 million. The company's key generic products division was the main drag on its results. Sales were down 21% on FY 2019 to $253 million.
