In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is out of form and in the red. The benchmark index is currently down 0.3% to 6,665.2 points.
Four shares that have fallen more than most today are listed below. Here's why they are dropping lower:
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Dacian Gold Ltd (ASX: DCN)
The Dacian Gold share price is down over 1% to 45.5 cents following the release of its quarterly update. The gold miner appears to have disappointed investors with its second quarter production of 27,162 ounces. This is down from 32,799 ounces in the first quarter. Though, despite this, Dacian remains on course to achieve its full year production guidance of 110,000 ounces to 120,000 ounces.
Lovisa Holdings Ltd (ASX: LOV)
The Lovisa share price has fallen 3.5% to $11.19. Investors have been selling the fashion jewellery retailer's shares after it revealed that its UK stores would be closing temporarily because of COVID-19. All 42 UK stores have been closed until further notice. All other stores and its online business remain open.
MyFiziq Ltd (ASX: MYQ)
The MyFiziq share price has fallen 3.5% to $1.23. This follows a subdued response by investors to the release of an announcement this morning in relation to a new app launch using its technology. The Biomorphik app is now available on both Google Play and Apple Store. It allows people to monitor their bodies closely and pre-empt potential issues before they become prohibitive to the user's health.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 3.5% to $5.40. This is despite there being no news out of the buy now pay later (BNPL) provider today. However, it is worth noting that short interest is rising strongly. Short sellers appear to be going after the company due to rising competition in the key US market. This follows BNPL launches by giants such as Shopify and PayPal late last year.
