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Why Austal, Boral, Spark NZ, & Splitit are tumbling lower

Boral Limited (ASX:BLD) and Splitit Ltd (ASX:SPT) are two of four ASX shares that are tumbling lower on Thursday. Here’s why…
The post Why Austal, Boral, Spark NZ, & Splitit are tumbling lower appeared first on The Motley Fool Australia. –

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The S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline on Thursday. In afternoon trade, the benchmark index is down 0.6% to 6,753.8 points.

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

Austal Limited (ASX: ASB)

The Austal share price has fallen 3.5% to $2.32. This is despite the shipbuilder announcing the delivery of a new vessel after the market close on Wednesday. Austal delivered its ninth guardian-class patrol boat to the Australian Department of Defence. The vessel, named ‘HMPNGS Rochus Lokinap’, was gifted to the Papua New Guinea Defence Force under the Pacific Patrol Boat Replacement project.

Boral Limited (ASX: BLD)

The Boral share price is down 2% to $5.51. This decline appears to have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded the building products company’s shares to a lighten rating with a $5.00 price target. It made the move on valuation grounds.

Spark New Zealand Ltd (ASX: SPK)

The Spark New Zealand share price is down 3.5% to $4.14. The majority of this decline can be attributed to the telecommunications company’s shares trading ex-dividend this morning. Eligible shareholders can now look forward to being paid its 11.6 cents per share interim dividend next month on 9 April.

Splitit Ltd (ASX: SPT)

The Splitit share price is down 3% to 96 cents. This follows a lukewarm response to a merchant update this morning by the buy now pay later provider. While the company has been signing new merchants to its platform, it has also been losing them. For example, as I noted here, Splitit is no longer available on Kogan.com Ltd (ASX: KGN). Though, this has not been acknowledged by the company, despite it having a material impact on its share price when first announced.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Austal, Boral, Spark NZ, & Splitit are tumbling lower appeared first on The Motley Fool Australia.

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