The S&P/ASX 200 Index (ASX: XJO) is on course to record another small decline. In afternoon trade, the benchmark index is down 0.1% to 7,139 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Allkem Ltd (ASX: AKE)
The Allkem share price is down 12% to $14.28. Although Allkem released its annual general meeting update today, this decline appears to have been driven by broad weakness in the lithium industry. In other news, the companyâs chair, Martin Rowley, has announced his surprise retirement from the role this afternoon.
Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is down 15% to $1.59. Once again, this has been driven largely by significant weakness in the lithium industry today. In addition, this morning Macquarie downgraded Core Lithiumâs shares to a neutral rating and cut its price target to $1.80. The broker suspects that Core Lithium’s first spodumene production could be delayed until FY 2024.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price is down a further 2.5% to $15.98. Investors have been selling this travel agentâs shares this week following the release of a trading update at its annual general meeting. One broker that was not impressed was Ord Minnett. This morning its analysts downgraded Flight Centre’s shares to a lighten rating with a trimmed price target of $13.71.
National Australia Bank Ltd (ASX: NAB)
The NAB share price is down 2.5% to $30.44. This has been driven by the banking giantâs shares going ex-dividend this morning for its final dividend. Last week, NAB released its full year results and declared a fully franked 78 cents per share fully franked final dividend. This will now be paid to eligible shareholders on 14 December.
The post Why Allkem, Core Lithium, Flight Centre, and NAB shares are dropping today appeared first on The Motley Fool Australia.
One great investor says, âBe greedy when others are fearful.â
With so much fear in the market, Warren Buffettâs been using the selloff as an opportunity to buy the dipâ¦
Where heâs reportedly spent tens of billions of dollars buying up stocksâ¦
And while youâre free to go about buying Citigroup, Paramount, and Occidental Petroleumâ¦
We think these 4 world class stocks could be even betterâ¦
See The 4 Stocks
*Returns as of November 1 2022
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Here are the 3 most traded ASX 200 shares on Tuesday
- Here’s what Goldman Sachs is saying about the Flight Centre share price
- Why are ASX 200 lithium shares hitting the dirt on Tuesday?
- Why is the Core Lithium share price falling 12% on Tuesday?
- Why is the Allkem share price crashing 10% today?
Motley Fool contributor James Mickleboro has positions in Allkem Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/cD8au3g
Leave a Reply