BUB, SHV, TPW and WTC: Unveiling Reason Behind Declines in ASX-Listed Companies

2 min read | November 24, 2023 05:15 PM AEDT | By Team Kalkine Media

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BUB, SHV, TPW and WTC: Unveiling Reason Behind Declines in ASX-Listed Companies — Image source: shutterstock.com

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The S&P/ASX 200 Index marked notable gains on Friday (24 November 2023) as it closed 0.17% up to reach 7,040.80 points.

Amidst the overall positive market sentiment, four ASX-listed companies are currently observing a decline, each encountering distinctive challenges contributing to their decreased share prices:

Bubs Australia Ltd (ASX:BUB)

Bubs Australia shares have dropped by 18.18% to close at 14 cents. Investors' selling spree ensued after the company concluded the institutional segment of another capital raising, amassing AU$14 million at 12.5 cents per new share, constituting a 24.2% discount compared to its recent closing price.

Select Harvests Ltd (ASX:SHV)

Select Harvests' share price has declined by 10.53% to settle at AU$3.91 apiece, following the release of its FY 2023 results. The company reported a loss of AU$114.7 million, primarily attributed to a marginal decrease in almond prices and a notable drop in almond crop volume, coupled with a goodwill write-down.

Temple & Webster Group Ltd (ASX:TPW)

Experiencing a 3.88% decrease to close at AU$6.19 apiece, the Temple & Webster share price decline seems to correlate with recent trading updates from offline competitors. These updates highlighted the impact of rising interest rates on sales, raising concerns among investors about potential challenges for Temple & Webster.

WiseTech Global Ltd (ASX:WTC)

WiseTech shares slumped by 3.17% to AU$64.05 apiece following the annual general meeting update by the ASX-listed logistics solutions company. While affirming its FY 2024 guidance for revenue and EBITDA growth, WiseTech's mention of a "downplayed" FY24 guidance incorporating FX tailwind from Australian Dollar depreciation triggered investor skepticism.

Conclusion

In conclusion, the S&P/ASX 200 Index showcased positive movement for the week, yet specific ASX-listed companies experienced downward trends. The declines in Bubs Australia, Select Harvests, Temple & Webster, and WiseTech reflect individual company-specific challenges impacting investor sentiment.

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