Insights

Why City Chic, Fortescue, Nearmap, & Zip shares are dropping lower today

Fortescue Metals Group Limited (ASX:FMG) and Nearmap Ltd (ASX:NEA) shares are two of four dropping notably lower on Thursday…
The post Why City Chic, Fortescue, Nearmap, & Zip shares are dropping lower today appeared first on Motley Fool Australia. –

red arrow pointing down, falling share price

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing the benchmark index is down 0.95% to 5,898.9 points.

Four ASX shares that have fallen more than most today are listed below. Here’s why they are dropping notably lower:

The City Chic Collective Ltd (ASX: CCX) share price has dropped 7% lower to $3.15. Investors have been selling the fashion retailer’s shares after it was unsuccessful acquiring the ecommerce assets of US-based plus-size retailer Catherines. These assets were being sold off following the bankruptcy of Ascena Retail Group. City Chic was in pole position to acquire the assets but was ultimately outbid.

The Fortescue Metals Group Limited (ASX: FMG) share price has sunk almost 6% lower to $16.33. The catalyst for this was a pullback in the iron ore price overnight. According to CommSec, the spot iron ore price fell 3.4% to US$124.20 a tonne on Wednesday night. In addition to this, a broker downgrade by Morgan Stanley last week is being covered in the media today and could be weighing on sentiment.

The Nearmap Ltd (ASX: NEA) share price has dropped 3.5% lower to $2.38. As well as being caught up in general tech sector weakness, this morning the aerial imagery technology and location data company announced the opening on its share purchase plan. Nearmap is aiming to raise $20 million at the lower of the institutional placement price of $2.77 or a 2.5% discount to the five-day volume weighted average price on 5 October.

The Zip Co Ltd (ASX: Z1P) share price has fallen over 5% to $6.10. Investors have been selling Zip and other tech shares today after the Nasdaq rebound ran out of steam overnight. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down a disappointing 1.7%.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks 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.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

Find out the names of our 3 Post COVID Stocks – For FREE!

*Returns as of 6/8/2020

More reading

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 Nearmap Ltd. and ZIPCOLTD FPO. The Motley Fool Australia has recommended Nearmap Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why City Chic, Fortescue, Nearmap, & Zip shares are dropping lower today appeared first on Motley Fool Australia.

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!