In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of global markets and is sinking lower. At the time of writing the benchmark index is down a disappointing 1.1% to 6,088.2 points.
Four shares that are falling more than most today are listed below. Here's why they are tumbling lower:
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Afterpay Ltd (ASX: APT)
The Afterpay share price is down over 3.5% to $97.09. A number of tech shares are dropping notably lower today amid heavy selling on the Nasdaq index overnight. The tech-focused index dropped 1.6% on Monday night due to concerns over rising COVID-19 cases across the world. The S&P/ASX All Technology Index (ASX: XTX) is down 2.3% at the time of writing.
LiveTiles Ltd (ASX: LVT)
The LiveTiles share price has fallen almost 4% to 25 cents. This follows the release of the intranet and workplace technology software provider's first quarter update this morning. At the end of the quarter, LiveTiles' reported annualised recurring revenue (ARR) hit $57.1 million. While this was up 33% year on year, it was up just 6.1% on the prior quarter's ARR.
PointsBet Holdings Ltd (ASX: PBH)
The PointsBet share price has dropped 3.5% to $10.59. Weakness in the tech sector appears to have offset the release of a very strong first quarter update. For the three months ended 30 September, the sports betting company reported turnover of $691.9 million, up 193% from the prior corresponding period. This was driven largely by its Australian business, which reported a 221% increase in turnover to $527.7 million.
Santos Ltd (ASX: STO)
The Santos share price is down almost 3% to $5.15. Investors have been selling Santos and other energy producer shares on Tuesday following a sharp pullback in oil prices overnight. Oil prices dropped notably lower amid concerns that rising COVID-19 cases could have a negative impact on demand for oil.
