Why Coronado, IDP, Mayne Pharma, and Rio Tinto shares are dropping today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a disappointing note. At the time of writing, the benchmark index is down 0.7% to 7,300.5 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Coronado Global Resources Inc (ASX: CRN)

The Coronado share price is down 3% to $2.02. This follows the release of a market update from the coal miner this morning. That update revealed that ongoing wet weather in the Bowen Basin in Queensland has impacted its previously communicated production and cost guidance.

IDP Education Ltd (ASX: IEL)

The IDP Education share price is down 3% to $28.48. This appears to have been driven by a broker note out of Morgans. This morning the broker downgraded the language testing and student placement company’s shares to a hold rating with a $30.75 price target. The broker made the move on valuation grounds.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price is down 3.5% to 23.2 cents. Investors have been selling this pharmaceutical company’s shares this week following the release of a disappointing trading update. Mayne Pharma revealed that for the four months ended 31 October, its revenue from continuing operations came to $59 million. This is down 29.5% over the prior corresponding period.

Rio Tinto Ltd (ASX: RIO)

The Rio Tinto share price is down 1.5% to $111.74. This may have been driven by a broker note out of Citi. According to the note, the broker has downgraded the mining giant’s shares to a neutral rating with a $115.00 price target. This follows the release of lower than expected iron ore guidance for FY 2023.

The post Why Coronado, IDP, Mayne Pharma, and Rio Tinto shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Why Appen, Evolution Mining, Rio Tinto, and Xero shares are racing higher
• Rio Tinto share price lifts despite lukewarm iron ore outlook
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX 200 shares today
• Why Bubs, Collins Foods, Dusk, and Mayne Pharma shares are falling 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 Idp Education. 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 Scott Phillips.

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