Why Fortescue, Nearmap, Saracen, & Westpac shares are dropping lower

Nearmap Ltd (ASX:NEA) and Westpac Banking Corp (ASX:WBC) shares are two of four dropping notably lower on Thursday…
The post Why Fortescue, Nearmap, Saracen, & Westpac shares are dropping lower appeared first on Motley Fool Australia. –

Red arrow downward chart

The S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak on Thursday. In afternoon trade the benchmark index is down 0.25% to 6,434 points.

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

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price has fallen 4% to $16.61. This is despite there being no news out of the iron ore producer today. In fact, not even a bullish broker note out of Macquarie has been able to support its shares. Macquarie has retained its outperform rating and $20.00 price target on the company’s shares following its annual general meeting update.

Nearmap Ltd (ASX: NEA)

The Nearmap share price has fallen 3% to $2.41 following the release of its annual general meeting update. At its event, the aerial imagery technology company provided guidance for annualised contract value (ACV) in FY 2021. Management expects to deliver ACV of between $120 million and $128 million this year. This compares to the ACV of $106.4 million it achieved in FY 2020. The company also reiterated its target of 20% to 40% annual ACV growth over the medium to long term.

Saracen Mineral Holdings Limited (ASX: SAR)

The Saracen share price has continued its slide and is down a further 3% to $5.27. Investors have been selling Saracen and other gold miners this week after a sharp pullback in the gold price. It isn’t just Saracen that is under pressure today. The S&P/ASX All Ordinaries Gold index is down 1.2% at the time of writing.

Westpac Banking Corp (ASX: WBC)

The Westpac share price is down 2% to $18.38. Today’s decline appears to have been driven by profit taking from some investors following strong gains in the banking sector this week. Prior to today, the Westpac share price was up 5.5% since the start of the week.

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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. 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 Fortescue, Nearmap, Saracen, & Westpac shares are dropping lower appeared first on Motley Fool Australia.

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