In late trade, the S&P/ASX 200 Index (ASX: XJO) is heading for a disappointing decline. At the time of writing, the benchmark index is down 0.4% to 7,212.5 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Adore Beauty Group Ltd (ASX: ABY)
The Adore Beauty share price is down 7% to $2.51. This is quite a turnaround for the online beauty retailer’s shares, which were up 7% in morning trade. Although Adore Beauty delivered strong revenue growth during the first half, investors may have concerns over its slender margins.
Beach Energy Ltd (ASX: BPT)
The Beach share price is down 10% to $1.46. Investors have been selling this energy producer’s shares following a pullback in oil prices and a broker note out of Macquarie. In respect to the latter, this morning the broker downgraded Beach’s shares to an underperform rating with a $1.50 price target.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price has fallen 5% to $21.64. This may have been driven by weakness in the iron ore price overnight. This appears to have been caused by China seeking to cool the rallying price of the steel making ingredient. One action that was taken was increasing transaction fees for iron ore futures on China’s Dalian Commodity Exchange.
Praemium Ltd (ASX: PPS)
The Praemium share price is falling again and is down 6% to 99.2 cents today. Investors have been selling this investment platform provider’s shares after its half year results on Monday disappointed. In addition, while Ord Minnett remains positive on the company, it has cut its price target on its shares down by 12% to $1.50.
The post Why Adore Beauty, Beach, Fortescue, and Praemium shares are falling appeared first on The Motley Fool Australia.
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More reading
- Hunger Games? Here’s why more Fortescue (ASX:FMG) execs are calling time out on the miner
- These 3 ASX 200 shares are topping the volume charts this Tuesday
- Not so sunny: why the Beach Energy (ASX:BPT) share price is sinking 10% today
- ASX 200 (ASX:XJO) midday update: BHP and SEEK impress, Beach sinks
- You beauty! Adore Beauty (ASX:ABY) share price up 7% after record half year result
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Praemium Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Adore Beauty Group Limited. The Motley Fool Australia has recommended Adore Beauty Group Limited and Praemium Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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