These ASX shares are tumbling on Monday…
The post Why Audio Pixels, CIMIC, Magellan, and St Barbara shares are tumbling appeared first on The Motley Fool Australia. –
The S&P/ASX 200 Index (ASX: XJO) has started the week in a disappointing fashion. In afternoon trade, the benchmark index is down 0.2% to 7,288.6 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling:
Audio Pixels Holdings Ltd (ASX: AKP)
The Audio Pixels share price is down 10.5% to $21.65. This has wiped out most the gains made last week following an announcement. Investors may be concerned why if the company’s digital speaker technology is so revolutionary it has had to resort to signing a fabrication agreement with an unknown Chinese company with no track record.
CIMIC Group Ltd (ASX: CIM)
The CIMIC share price sank 15% to $15.51 before being placed in a trading halt. This follows allegations reported in the AFR of broken promises, extreme personal and financial hardship, and millions of dollars in unpaid wages from Australia’s biggest construction company.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price has crashed 30% to a multi-year low of $20.62. This morning the fund manager announced the termination of the St James’s Place mandate. The release notes that the mandate represents approximately 12% of the company’s current annual revenues. As a result, the termination of the mandate at this point in the financial year is anticipated to impact its FY 2022 revenues by 6%.
St Barbara Ltd (ASX: SBM)
The St Barbara share price is down 8% to $1.35 after announcing the acquisition of Bardoc Gold Limited (ASX: BDC). St Barbara has offered 0.3604 new St Barbara shares for each Bardoc share. Based on the St Barbara share price at the close of play on Friday, this values Bardoc at approximately $157 million and each Bardoc share at 53 cents. Investors appear to believe St Barbara is overpaying to expand its footprint in the Leonora Province.
The post Why Audio Pixels, CIMIC, Magellan, and St Barbara shares are tumbling 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 August 16th 2021
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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.