In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 1% to 6,487.5 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Block Inc (ASX: SQ2)
The Block share price is down 4% to $85.15. This follows a very poor night of trade for the payments company’s NYSE-listed shares. Investors were selling Block’s shares amid another major tech selloff. This has rubbed off on the local tech sector and sent the S&P/ASX All Technology Index down 2.5% this afternoon.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down over 6% to $9.25. A good portion of this decline is attributable to the furniture retailer’s shares trading ex-dividend for its latest dividend payment this morning. Eligible shareholders can now look forward to receiving Nick Scali’s fully franked final dividend of 35 cents per share on 24 October.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is down 5.5% to 84 cents. This follows broad market weakness which is being felt hardest among riskier assets such as lithium shares. This has led to the Global X Battery Tech & Lithium ETF falling a sizeable 3.5% this afternoon.
Premier Investments Limited (ASX: PMV)
The Premier Investments share price is down 4% to $22.75. This morning analysts at Citi downgraded the retail conglomerate’s shares to a neutral rating with a $25.30 price target. While Citi was pleased with Premier Investments’ full year results, it downgraded its shares on valuation grounds following some strong gains.
The post Why Block, Nick Scali, Piedmont Lithium, and Premier Investments are sinking today appeared first on The Motley Fool Australia.
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More reading
- Everything you need to know about the latest Premier Investments monster dividend
- 5 things to watch on the ASX 200 on Friday
- Here are the top 10 ASX 200 shares today
- Why Cogstate, Global Lithium, Premier, and Woodside shares are charging higher
- The Block share price is smashing the market with a 6% gain 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 Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended Premier Investments Limited. 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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