In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is currently down 0.7% to 7,100.5 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 12% to $6.67. This follows a very poor night of trade for a number of commodities underpinning its world-class Julimar Ni-Cu-PGE Project. This includes nickel and palladium, with the latter recording a double-digit decline over the last 24 hours.
Santos Ltd (ASX: STO)
The Santos share price has tumbled 3.5% to $7.29. Investors have been selling Santos and other energy shares following a sharp pullback in oil prices overnight. Prices have dropped to around US$100 a barrel amid talks between Russia and Ukraine, as well as new COVID lockdowns in China which may dampen demand.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price is down a sizeable 19% to $4.20. The majority of this decline is attributable to the coal miner’s shares going ex-dividend this morning for its massive 70.4 cents per share final dividend. Eligible shareholders can look forward to receiving this dividend at the end of next month on 29 April.
Zip Co Ltd (ASX: Z1P)
The Zip share price has continued its slide and is down a further 9% to a 52-week low of $1.41. This is despite there being no news out of the buy now pay later provider on Tuesday. The Zip share price has now lost a massive 67% since the start of the year and 83% over the last 12 months. But if the team at UBS is on the money, Zip’s shares could still have further to fall. It recently slapped a sell rating and $1.00 price target on the company’s shares.
The post Why Chalice Mining, Santos, Yancoal, and Zip shares are dropping appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
- Why is the crude oil price tumbling and which ASX 200 shares are being impacted?
- Zip share price down 6% to another 52-week low
- Why is the Yancoal (ASX:YAL) share price plummeting 17% today?
- ASX 200 (ASX:XJO) midday update: Uniti jumps on takeover speculation, Rio Tinto and Yancoal tumble
- 5 things to watch on the ASX 200 on Tuesday
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 ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/y13cLqz
Leave a Reply