Why these 3 ASX shares slumped lower today

why-these-3-asx-shares-slumped-lower-today

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With the S&P/ASX 200 Index (INDEXASX: XJO) trading higher today, let’s take a look at why these 3 ASX shares fared worse than most.

FAR Ltd (ASX: FAR)

FAR is an Australian oil and gas producer with assets in East Africa, West Africa, and Australia; and interests in Senegal, Guinea Bissau, and Kenya.

The FAR share price was in the red today, ending the day 5.56% lower. FAR has had a poor run on the ASX since early July last year when its share price reached a 52-week high of $0.081. Since then, FAR shares have tumbled a massive 58% to be currently trading at $0.034.

On 12 December 2019, the company announced a conditional placement to raise $146 million at 4.25 cents per share. This represented a 21.3% discount to FAR’s last closing price at that time. As a result, shares dropped sharply by 24% on the day and have been on a downward trend ever since.

Amcor PLC (ASX: AMC)

The Amcor share price closed lower yesterday after the company reported its results for the six months to December 2019. Yesterday’s downward momentum has extended into today, with Amcor shares ending the day 3.36% lower.

However, despite this fall, Amcor has had a solid run on the ASX since mid-October last year, up by 12% in this time.

Amcor actually announced a fairly solid set of financial results yesterday. Net sales rose 36% during the period to US$6.18 billion, while adjusted earnings increased 4.4% in currency-adjusted terms to US$699 million. On the dividend front, the company announced a quarterly payout of A$17.1 cents per share payout for ASX investors.

Medadvisor Ltd (ASX: MDR)

MedAdvisor is an Australian software systems developer that was established to help people make the best possible use of medication. The company has a free app that connects to pharmacy dispensing systems to automatically retrieve medication records and reduce the need for manual configuration by pharmacists or individuals.

The MedAdvisor share price closed 5.46% lower today. However, this share price weakness doesn’t appear to be linked to any recent announcement.

In mid-January, MedAdvisor announced it had signed its second agreement in the United States. This agreement will see MedAdvisor provide medication education programs for a top 10 global pharmaceutical company through its strategic US partner Adheris Health.

MedAdvisor shares notched a 23% one-day gain in response to the announcement but subsequently lost some ground at the end of January following the release of the company’s quarterly report. Since then, MedAdvisor’s share price movement has been highly volatile.

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Motley Fool contributor Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Amcor Limited and MedAdvisor. 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 these 3 ASX shares slumped lower today appeared first on Motley Fool Australia.

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