Business
Why the Incitec Pivot (ASX:IPL) share price tumbled 10% this morning
The Incitec Pivot Ltd (ASX: IPL) share price is tumbling lower in early trade after an update on the Waggaman Ammonia Plant. At the time of writing, the Incitec share price is trading at $2.68, down 8.22%.
Why is the Incitec Pivot share price under pressure?
Shares in the Aussie explosives, industrial chemicals, and fertiliser manufacturer are currently the worst performing amongst the S&P/ASX 200 Index (ASX: XJO).
The big catalyst was an update from its Waggaman ammonia plant. On 15 February 2021, Incitec expected to recommence operations at the plant by mid-March. This was after the first planned turnaround since commissioning the plant in 2016.
After mechanical completion of the turnaround on 6 March, Incitec shutdown the…
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