In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.6% to 6,952.1 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Adairs Ltd (ASX: ADH)
The Adairs share price is down almost 7% to $2.07. The catalyst for this has been the furniture and homewares retailerâs shares going ex-dividend for its upcoming interim dividend this morning. Eligible shareholders can now look forward to receiving Adairs’ 8 cents per share fully franked dividend on 6 April.
Liontown Resources Ltd (ASX: LTR)
The Liontown share price is down 7% to $1.53. This may have been driven by continued weakness in lithium prices. In a note this morning, Goldman Sachs points out that spot lithium prices have continued to weaken. The 6% spodumene spot price is currently fetching US$5,040 a tonne, down from 1.3% from US$5,110 a tonne a week earlier.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 3% to $6.27. This appears to have been caused by news that the ACCC has delayed a decision on its proposed takeover of Alliance Aviation Services Ltd (ASX: AQZ). The corporate regulator has delayed making a decision for another month and will give its verdict on 20 April. Investors appear to be interpreting this as a bad sign.
Synlait Milk Ltd (ASX: SM1)
The Synlait Milk share price is down over 5% to $2.52. Investors have been selling this dairy processorâs shares after it provided very disappointing guidance and pushed back its recovery date by a year. Macquarie was disappointed and downgraded its shares to an underperform rating with a slashed price target of ~$2.44.
The post Why Adairs, Liontown, Qantas, and Synlait shares are dropping 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 4 stocks in your portfolio?
See The 4 Stocks
*Returns as of March 1 2023
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More reading
- Qantas share price takes a dive amid more takeover delays
- Here are the 10 most shorted ASX shares this week
- Top brokers name 3 ASX shares to buy next week
- Is it a trap? 3 ASX shares with ultra-high dividend yields
- Why Carsales, Evolution, Kelsian, and Synlait shares are dropping
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 Adairs. The Motley Fool Australia has positions in and has recommended Adairs. The Motley Fool Australia has recommended Alliance Aviation Services. 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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