Why Beach Energy, Fortescue, Kina Securities, and Melbana Energy shares are dropping today

MotleyFool06-18

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.95% to 7,774.7 points. Four ASX shares that have failed to...

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Four ASX shares that have failed to...</p>\n\n<a href=\"https://www.fool.com.au/2024/06/18/why-beach-energy-fortescue-kina-securities-and-melbana-energy-shares-are-dropping-today/\">Source Link</a>\n\n</div>\n","source":"motleyfoolau_stock","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Why Beach Energy, Fortescue, Kina Securities, and Melbana Energy shares are dropping today</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhy Beach Energy, Fortescue, Kina Securities, and Melbana Energy shares are dropping today\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-06-18 11:50 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com.au/2024/06/18/why-beach-energy-fortescue-kina-securities-and-melbana-energy-shares-are-dropping-today/><strong>MotleyFool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. 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Here's why they are falling: Beach Energy Ltd (ASX: BPT) The Beach Energy share price is down 2.5% to $1.53. This is despite oil prices rising overnight and the release of the energy producer's strategic review this morning. In respect to the latter, Beach Energy has laid out a plan that it believes will result in operating cost and capital reductions totalling ~$135 million. This will come from a 23% headcount reduction, ~$35 million field operating cost savings, and a ~$100 million sustaining capital expenditure reduction. Management believes that this will help it deliver leading shareholder returns through the sustainable supply of energy. Fortescue Ltd (ASX: FMG) The Fortescue share price is down 4.5% to $21.95. This has been driven by news that a major block trade has taken place at a decent discount to yesterday's close price. It remains unclear who is selling, but there are reports that a large institutional investor offloaded $1.1 billion worth of the iron ore miner's shares through a block trade this morning. These shares were sold at $21.60 per share, which is a 6% discount to where Fortescue's shares ended yesterday's session. Kina Securities Ltd (ASX: KSL) The Kina Securities share price is down 7.5% to 88 cents. This morning, this Papa New Guinea-based financial services provider revealed that it has identified a recent instance of fraud impacting several accounts belonging to a small number of customers. The amount involved is the subject of ongoing investigation. However, the aggregate loss is expected to be in the range of PGK12 million to PGK15 million (A$4.74 million to A$5.9 million) on a pre-tax basis. Through root cause analysis, certain system vulnerabilities were identified and promptly addressed. Kina Securities has downgraded its guidance to reflect this. Melbana Energy Ltd (ASX: MAY) The Melbana Energy share price is down 36% to 4.3 cents. This follows news that the appraisal of the Alameda-3 well in Cuba wasn't successful. Two attempts were made at flowing the well, however in both cases the complete removal of drilling mud and downhole fluids from the test string was not achieved and oil did not flow to surface. 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