The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. In afternoon trade, the benchmark index is down 1.3% to 6,490.7 points.
Four ASX shares that are falling more than most are listed below. Hereâs why they are dropping:
BHP Group Ltd (ASX: BHP)
The BHP share price is down almost 5% to $36.38. Investors have been selling BHP and other mining shares on Monday amid concerns that rising interest rates could cause a global recession. This could lessen demand for commodities and put pressure on prices. The S&P/ASX 200 materials index is down 4.75% this afternoon.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price is down over 13% to $2.20. This follows the shock announcement of the exit of Costaâs CEO after just 18 months in the top job. According to the release, Sean Hallahan will step down with immediate effect and be replaced on an interim basis by former CEO, Harry Debney.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price is down 9% to $3.00. Investors have been selling this administration services companyâs shares after it confirmed that the $4.81 per share takeover by Dye & Durham has now collapsed. One positive is that the company will now pay a special dividend to shareholders. It is also looking for other way to unlock value.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price has crashed 21% to $1.51. This has been driven by news that Syrahâs Balama Graphite Operation in Mozambique has been interrupted by illegal industrial action by a small contingent of local employees and contractors. Management advised that it is working to restore operations as soon as possible.
The post Why BHP, Costa, Link, and Syrah shares are dropping appeared first on The Motley Fool Australia.
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More reading
- BHP share price dips 4% in miserable Monday for ASX 200 miners
- Costa share price craters 12% as CEO walks
- Why BHP might still have a chance at acquiring OZ Minerals shares
- Link share price crashes 11% after takeover collapse
- BHP shares: Boring or beautiful?
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 Link Administration Holdings 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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