Insights

Why Altium, Evolution, Oil Search, & SEEK shares are tumbling lower

These ASX shares are out of form on Monday….
The post Why Altium, Evolution, Oil Search, & SEEK shares are tumbling lower appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. In afternoon trade, the benchmark index is down 0.8% to 7,288.7 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:

Altium Limited (ASX: ALU)

The Altium share price is down 2% to $35.82. This morning the electronic design software company’s shares were down as much as 14% amid reports that it rejected another takeover approach from Autodesk. This reportedly led to the US software giant giving up in its quest to acquire the company. However, Altium has responded to the speculation, stating that it has not received any further offer from Autodesk.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price has crashed 9% to $4.24. Investors have been selling this gold miner’s shares after brokers responded negatively to its recent strategy update. One of those brokers was Macquarie. According to a note, its analysts have downgraded the gold miner’s shares to an underperform rating with a $4.00 price target. Macquarie notes that Evolution’s costs and capital expenditure outlook is much higher than expected.

Oil Search Ltd (ASX: OSH)

The Oil Search share price is down 5% to $3.67. This morning the energy producer revealed that its CEO Dr Keiran Wulff has resigned for health reasons. Oil Search advised that he has been managing a long-term medical condition which has recently deteriorated. In addition to this, the company notes that it had been in discussions with Dr Wulff following the receipt of recent concerns and complaints about his behaviour.

SEEK Limited (ASX: SEK)

The SEEK share price has fallen 3% to $30.67. Investors have been selling the job listings company’s shares following the release of a broker note out of Goldman Sachs. That note reveals that its analysts have downgraded SEEK’s shares to a sell rating with an improved price target of $30.80. The broker made the move on an uncertain ad volume outlook and elevated valuation.

The post Why Altium, Evolution, Oil Search, & SEEK shares are tumbling lower appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of May 24th 2021

More reading

Here are the 3 most heavily traded ASX 200 shares this Monday

Oil Search (ASX:OSH) share price slides on shock leadership change
Altium (ASX:ALU) share price bounces back after responding to media speculation
ASX 200 midday update: Altium sinks, Oil Search CEO resigns

Evolution Mining (ASX:EVN) share price downgrade from four brokers

Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Altium. The Motley Fool Australia owns shares of and has recommended Altium. The Motley Fool Australia has recommended SEEK Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!