Insights

Why Humm, Premier Investments, Western Areas, & Zip shares are sinking

These ASX shares are ending the week in the red…
The post Why Humm, Premier Investments, Western Areas, & Zip shares are sinking appeared first on The Motley Fool Australia. –

The S&P/ASX 200 Index (ASX: XJO) is having a day to forget. In afternoon trade, the benchmark index is down 1.3% to 7,247.2 points.

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

Humm Group Ltd (ASX: HUM)

The Humm share price is down 3% to 98 cents. Investors have been selling the financial services company’s shares after it revealed that it potentially has past exposure to Forum Finance, which is currently embroiled in fraud allegations. Humm’s initial review puts the company’s potential on-sold exposure at $12 million post-tax.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price is down 2.5% to $26.84 due to broad market weakness. In other news, the retail conglomerate has revealed that it has instructed its lawyers to immediately request a copy of the Myer Holdings Ltd (ASX: MYR) shareholder register. Premier has commenced consultation with fellow Myer shareholders regarding the quick reconstitution of a majority independent Myer Board with the necessary skills and experience.

Western Areas Ltd (ASX: WSA)

The Western Areas share price is down 7% to $2.29. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, Macquarie has downgraded its shares to a neutral rating and cut the price target on them to $2.60. It made the move in response to lower than expected shipments in the June quarter.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down 5.5% to $8.29. A number of tech shares have come under pressure today following a poor night of trade on Wall Street’s Nasdaq index. This has led to the S&P/ASX All Technology Index (ASX: XTX) falling a sizeable 3% this afternoon.

The post Why Humm, Premier Investments, Western Areas, & Zip shares are sinking 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

The Zip (ASX:Z1P) share price is sinking today
ASX 200 midday update: Afterpay & CBA sink, Viva Energy jumps

Why the Humm (ASX:HUM) share price is falling on Friday
It’s been a big month for the Zip (ASX:Z1P) share price
Here are 3 of the ASX 200’s most heavily traded shares today

Motley Fool contributor 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 and has recommended ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended Humm Group 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!