CSL Limited (ASX:CSL) and OceanaGold Corp (ASX:OGC) shares are two of four tumbling notably lower on Friday. Here’s why…
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The S&P/ASX 200 Index (ASX: XJO) looks set to end the week with a decline. In afternoon trade, the benchmark index is down 0.75% to 6,833.8 points.
Four ASX shares that have fallen more than most today are listed below. Here’s why they are tumbling lower:
CSL Limited (ASX: CSL)
The CSL share price is down over 2.5% to $281.65. This appears to be due to a mixed response to its half year results yesterday. While analysts at Goldman Sachs were impressed with its stellar profit growth in the first half, they were surprised that this didn’t lead to an upgrade to its full year guidance. This has the broker concerned and led to it downgrading CSL’s shares to a neutral rating with a $305.00 price target.
LiveTiles Ltd (ASX: LVT)
The LiveTiles share price has fallen a further 5% to 25.7 cents. Investors have been selling this software company’s shares since it released further details of a record new contract win. The market appears to have been left underwhelmed that that the “record multi-million dollar deal” was worth $3 million over three years. And while it could increase in value over time, there’s no guarantee that this will be the case.
OceanaGold Corp (ASX: OGC)
The OceanaGold share price has crashed 8.5% lower to $2.01. This follows the release of its full year results after the market close on Thursday. Production issues led to the gold miner reporting a 23.2% decline in revenue to US$500.1 million and a 40% reduction in EBITDA to US$129.6 million. And due to higher depreciation and amortisation, OceanaGold posted a loss after tax of US$74.3 million.
Woodside Petroleum Limited (ASX: WPL)
The Woodside share price is down 4% to $24.35 despite announcing a sale and purchase agreement with RWE Supply & Trading. The agreement is for the supply of LNG from Woodside’s global portfolio for a term of seven years commencing in 2025. In other news, this morning UBS held firm with its neutral rating and cut the price target on its shares slightly to $26.05. This follows its full year results release this week.
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- CSL (ASX:CSL) share price hit by broker downgrade
- 5 things to watch on the ASX 200 on Friday
- ASX 200 mixed, CSL reports 44% profit growth, TWE soars
- Why did Aussie investors get a 9% dividend cut from CSL (ASX:CSL)?
- Why the LiveTiles (ASX:LVT) share price is tumbling 11% lower today
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 CSL Ltd. and LIVETILES FPO. The Motley Fool Australia has recommended LIVETILES FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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