The S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of US markets and is sinking lower on Monday. In late morning trade the benchmark index is down 0.5% to 6,725.6 points.
Four shares that are falling more than most today are listed below. Here's why they are dropping lower:
Image source: Getty Images
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price has dropped 4% to $4.11. This decline appears to have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the horticulture company's shares to a neutral rating with a $4.30 price target. Citi made the move largely on valuation grounds after a strong gain over the last few months.
Monash IVF Group Ltd (ASX: MVF)
The Monash IVF share price is down over 2.5% to 73.5 cents. This leading fertility company's shares have been sold off in recent weeks after it was hit with a class action. These proceedings are in relation to the company's non-invasive preimplantation genetic screening technology. As things stand, no details have been provided in respect to the amount of damages sought.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price has tumbled almost 4.5% lower to $26.10. Investors have been selling Newcrest and other gold miner shares after the price of the precious metal sank lower on Friday. The gold price fell a sizeable 4.1% to US$1,835.40 an ounce. Analysts believe this weakness is attributable to traders giving up on their safe haven trade now that political risks are subsiding in the United States. The S&P/ASX All Ordinaries Gold index is down 4.8% at the time of writing.
Xero Limited (ASX: XRO)
The Xero share price is down 3% to $138.30. Investors have been selling Xero and other tech shares on Monday despite US tech shares surging to new highs on Friday night. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down by around 1.5%. This compares to a 1% gain by the tech-focused Nasdaq index on Friday night.
