In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to snap its winning streak with a small decline. At the time of writing, the benchmark index is down 0.2% to 7,327.4 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are tumbling:
29Metals Ltd (ASX: 29M)
The 29Metals share price is down 6% to $1.22. This may due to ongoing concerns over the impact that inclement weather is having on its Capricorn Copper operation. Last month, the company warned that extreme weather had led to the Mount Isa Shire (including Capricorn Copper) being declared a natural disaster zone.
Block Inc (ASX: SQ2)
The Block share price is down 6% to $94.01. This follows a similarly severe drop from the payments companyâs NYSE listed shares during overnight trade. However, it is worth remembering that Block is currently being targeted by a well-known short seller, Hindenburg Research. Fellow payments shares also dropped overnight.
Champion Iron Ltd (ASX: CIA)
The Champion Iron share price is down 3% to $7.10. This may have been driven by profit taking from some investors after a strong gain by the coal minerâs shares on Wednesday. Despite this pullback, the Champion Iron share price remains up 44% over the last six months.
Zip Co Ltd (ASX: ZIP)
The Zip share price is down 2% to 53 cents. This is despite the buy now pay later provider becoming the new partner of Peloton in Australia. Management believes this is a timely deal given that Zip users have shown an increased desire in prioritising their health and wellness aspirations. Broad weakness in the payments industry appears to have offset this news.
The post Why 29Metals, Block, Champion Iron, and Zip shares are dropping today appeared first on The Motley Fool Australia.
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More reading
- Here are the top 10 ASX 200 shares today
- Which ASX 200 mining share is rocketing 9% today?
- Why 29Metals, NextDC, Sims, and South32 shares are racing higher
- Could buying Zip shares be a classic ASX beginnerâs error?
- These are the 10 most shorted ASX shares this week
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 Block and Zip Co. The Motley Fool Australia has positions in and has recommended Block. 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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