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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing the benchmark index is down 0.95% to 6,102.7 points.
Four shares that are falling more than most today are listed below. Here's why they are sinking lower:
The APA Group (ASX: APA) share price is down 5% to $10.34. This morning the energy infrastructure company released its full year results and revealed a 10.1% increase in profit after tax to $317 million. However, its guidance for flat operating earnings in FY 2021 appears to have sent some investors to the exits today.
The Bravura Solutions Ltd (ASX: BVS) share price has sunk 12% lower to $3.81. Although the financial technology company reported strong growth in FY 2020, its comments on FY 2021 appear to have spooked investors. Due to the negative impacts of the pandemic, management warned that its profits could be flat in FY 2021.
The Jumbo Interactive Ltd (ASX: JIN) share price is down almost 3.5% to $13.17. Investors have been selling the online lottery ticket seller's shares after the release of an underwhelming full year result. Although Jumbo reported a 9% increase in total transaction value to $349 million and a 9% lift in revenue to $71 million, its profits were flat at $26.5 million. This was largely the result of a 38.9% increase in administrative expenses to $17.6 million. This related to its Gatherwell acquisition and investments in its future growth.
The Whitehaven Coal Ltd (ASX: WHC) share price has crashed 14% lower to $1.07. Investors have been heading to the exits in their droves following the coal miner's full year results release. Whitehaven reported a massive 95% decline in underlying net profit after tax to $30 million in FY 2020. This was due to weak coal prices and labour shortage issues. As a result of its poor performance, the company cut its dividend down from 50 cents per share to just 1.5 cents per share.
