These ASX shares are starting the week in the red…
The post Why Afterpay, Chorus, NAB, & Omni Bridgeway shares are dropping appeared first on The Motley Fool Australia. –
It has been a volatile start to the week for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index has given back its earlier gains and is down 0.1% to 7,398.7 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Afterpay Ltd (ASX: APT)
The Afterpay share price is down over 2.5% to $122.94. This follows a pullback in the Square share price on Friday night after weakness in the US tech sector. As Square’s takeover of Afterpay is being made in shares, any fluctuations in the Square share price impacts the value of the offer.
Chorus Ltd (ASX: CNU)
The Chorus share price has fallen 2% to $6.46. The catalyst for this decline has been the New Zealand based telco’s shares trading ex-dividend this morning for its 13.9 cents per share final dividend. Eligible shareholders can now look forward to being paid this dividend next month on 12 October.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 1.5% to $28.05. Investors have been selling this banking giant’s shares after it was downgraded by analysts at Credit Suisse. According to the note, the broker has downgraded the bank’s shares to a neutral rating with a $28.50 price target. The broker made the move largely on valuation grounds after a strong gain.
Omni Bridgeway Ltd (ASX: OBL)
The Omni Bridgeway share price has continued its slide and is down a further 5% to $3.57. Investors continue to sell this litigation funder’s shares since the release of an update on the Brisbane Flood class action last week. Unfortunately for Omni Bridgeway, the Supreme Court of New South Wales Court of Appeal has found the remaining defendant not liable.
The post Why Afterpay, Chorus, NAB, & Omni Bridgeway shares are dropping appeared first on The Motley Fool Australia.
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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 AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.