Why Coles, Netwealth, Pro Medicus, & Zip shares are sinking

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) looks set to end its winning streak with a disappointing decline. At the time of writing, the benchmark index is down 0.65% to 6,873.2 points.

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

The Coles share price is down almost 6% to $17.15. This follows the release of its half year results this morning. Although Coles delivered a profit result ahead of expectations, investors appear concerned by management’s comments on its outlook. The supermarket giant’s CEO, Steven Cain, warned: “Depending on COVID-19, vaccine roll out and efficacy, and other factors, sales in the supermarket sector may moderate significantly or…