In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to start the week with a small decline. At the time of writing, the benchmark index is down 0.1% to 7,141.8 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Appen Ltd (ASX: APX)
The Appen share price is down 3.5% to $2.41. Investors have been selling Appen and many other ASX tech shares on Monday following a poor night for the Nasdaq index on Friday. Investors were selling tech shares amid global recession concerns.
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura share price is down over 6% to 48.2 cents. This appears to have been driven by profit taking after some stellar gains in recent sessions. For example, even after todayâs decline, the rare earths explorerâs shares are up a sizeable 24% since 8 December. They are now also up 110% since the start of the year.
Aurizon Holdings Ltd (ASX: AZJ)
The Aurizon share price is down 2.5% to $3.78. The catalyst for this is likely to have been a broker note out of Morgans this morning. According to the note, the broker has downgraded the rail freight operator’s shares to a hold rating and cut the price target on them to $4.00. Morgans was a touch disappointed with the price Aurizon received for the East Coal Rail business.
Star Entertainment Group Ltd (ASX: SGR)
The Star share price is down 11% to $2.29. Investors have been selling this casino operatorâs shares amid concerns over potential reforms to the New South Wales casino tax regime. New South Wales Treasurer, The Honourable Matt Kean MP, is proposing gaming tax increases for the two casinos in New South Wales. These are anticipated to commence on 1 July 2023 and forecast to raise an additional $364 million in taxes over the next three years.
The post Why Appen, Arafura, Aurizon, and Star shares are sinking today appeared first on The Motley Fool Australia.
4 ways to prepare for the next bull market
It’s a scary market. But staying in cash when inflation is surging likely won’t do investors any good either.
And when some world-class companies have pulled back considerably from their recent highs… All while their fundamentals remain unchanged…
It begs the question…
Do you have these four stocks in your portfolio?
See The 4 Stocks
*Returns as of December 1 2022
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More reading
- Star Casino share price tumbles 11% on proposed new gambling tax
- Here are the top 10 ASX 200 shares today
- Why are ASX 200 tech shares being fried on Friday?
- 3 ASX All Ordinaries shares smashing the market on Friday
- Why Aurizon, Norwest, Rio Tinto, and Strike Energy shares are rising 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 Appen. The Motley Fool Australia has recommended Aurizon. 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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