Why Core Lithium, National Storage, OFX, and Polynovo shares are dropping today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and dropped deep into the red. At the time of writing, the benchmark index is down 0.75% to 6,963.3 points.

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

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is down 4.5% to 75.5 cents. This is despite the lithium miner announcing a sales agreement with Sichuan Yahua for the sale of additional spodumene concentrate from the Finniss Lithium Operation. Broad weakness in the lithium industry due to pricing concerns has offset this news.

National Storage REIT (ASX: NSR)

The National Storage share price is down 4.5% to $2.40. This follows the completion of the storage company’s institutional placement this morning. National Storage has raised $300 million at a 4% discount of $2.41. The proceeds will be used to fund its strategic growth initiatives (committed acquisitions and developments), repay debt, and strengthen its balance sheet.

OFX Group Ltd (ASX: OFX)

The OFX share price is down 12% to $1.57. Investors have been hitting the sell button in response to a trading update. The money transfer company revealed that it expects to achieve its guidance in FY 2023. However, it appears to have spooked investors by revealing that economic uncertainty has led to a softening of demand in its high value consumer segment.

Polynovo Ltd (ASX: PNV)

The Polynovo share price is down 13% to $1.80. This follows news that its chairman, David Williams, has sold 4.75 million shares. The medical device company notes that these shares were sold so Williams could part settle a US property purchase. It also highlights that its chairman still holds 21,384,432 shares and does not intend to sell any more shares for the foreseeable future.

The post Why Core Lithium, National Storage, OFX, and Polynovo shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Why is the National Storage share price down 5% today?
• Core Lithium share price tumbles 4% on milestone sales agreement
• What was with ASX lithium shares today?
• This ASX 200 property share just announced a trading halt. What’s going on?
• Is the Core Lithium share price a buy at 84 cents?

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 Ofx Group and PolyNovo. The Motley Fool Australia has recommended Ofx Group. 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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