In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline due largely to weakness in the resources sector. At the time of writing, the benchmark index is down 0.35% to 7,130 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Catapult Group International Ltd (ASX: CAT)
The Catapult share price is down 11% to $1.02. This follows the release of a full-year result which revealed solid top line growth but widening losses. Annual contract value (ACV) was up 19.7% to US$63.9 million but Catapult’s underlying EBITDA swung from a profit of US$3.5 million in FY 2021 to a loss of US$5.8 million. Management advised that this reflects its additional investment in accelerating ACV growth.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price is down over 2% to $3.09. This morning the horticulture company clarified that its trading update yesterday didn’t include any concrete earnings guidance. This was in response to many media outlets mistakenly reporting the opposite.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 4% to $7.36. Investors have been selling this drinks company’s shares following the release of its investor day update which revealed an increase to capital expenditure plans. While the market doesn’t appear pleased with this news, analysts at Goldman Sachs remain positive. They commented: “Overall, we view this announcement as being positive vs street expectations but in-line with GSe. We remain comfortable with the Group’s balance sheet ability to fund this increased capex obligation.”
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 4% to $5.08. This has been driven by weakness in the resources sector today, which is weighing heavily on the performance of the ASX 200 index. At the time of writing, the S&P/ASX 200 Resources index is down 1.2%.
The post Why Catapult, Costa, Endeavour, and Whitehaven Coal shares are dropping appeared first on The Motley Fool Australia.
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More reading
- Why are ASX coal shares sliding today?
- ASX 200 midday update: Appen rockets, Westpac super update
- Why is the Catapult share price tumbling 6% lower today?
- Australia’s renewable energy output could triple by 2030 under Labor. Will that impact these ASX 200 shares?
- Here’s why the Costa share price is shooting 8% higher today
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. has positions in and has recommended Catapult Group International Ltd. The Motley Fool Australia has positions in and has recommended Catapult Group International Ltd. The Motley Fool Australia has recommended COSTA GRP FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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