Image source; Getty Images
The S & P / ASX 200 Index (ASX: XJO) is on course for a disappointing decline. In afternoon trading, the benchmark was down 0.4% to 7,269.9 points.
Four ASX stocks that fall more than most today are listed below. Here’s why they sink:
The Ansell share price is down 4.5% to $ 32.30. Investors sold shares of the health and safety protection solutions company following a bearish brokerage note on Macquarie Group Ltd. (ASX: MQG). Its analysts downgraded the company’s shares to an underperformance rating and lowered their price target to $ 32.00. Macquarie believes recent trends pose a downside risk to market earnings expectations.
Predictive Discovery Ltd (ASX: PDI)
Predictive Discovery’s stock price slumped 25% to 17.5 cents. This morning, the Guinea-based gold explorer said two of his deposits and some other parts of his permits are located in the outer buffer zone of Haut Niger National Park. The outer buffer zone of the Haut Niger National Park is a protected zone where the exploitation of mineral deposits is not authorized.
Strike Energy’s share price fell another 13.5% to 19.5 cents. Investors sold the shares of this energy company after the release of its very first Perth Basin gas reserve. According to the release, 300 petajoules (PJ) 2P and up to 372 PJ 3P of gross gas reserves from the West Erregulla gas field in the Kingia sandstone have been certified. Macquarie analysts note that this figure is significantly lower (28% to 44%) than management’s previous forecast.
Zip’s stock price is down 3.5% to $ 6.62 despite there being no news from the buy now pay provider later. This decline appears to have been triggered by general weakness in the tech sector today after a bad night on the Nasdaq index. The S & P / ASX All technology Index is down 1.9% at the time of writing.