In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has come under pressure after a shock rate hike by the Reserve Bank. At the time of writing, the benchmark index is down 0.8% to 7,273.9 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are falling:
Beach Energy Ltd (ASX: BPT)
The Beach Energy share price is down almost 3% to $1.44. Investors have been selling this energy producerâs shares after oil prices tumbled overnight. Beach isnât the only energy share falling. The S&P/ASX 200 Energy index is down 1.7% this afternoon.
Computershare Ltd (ASX: CPU)
The Computershare share price is down 5% to $21.32. This follows the release of an update from the share registry company at an investor conference today. Management has reaffirmed its earnings per share guidance for FY 2023. It seems that some investors were betting on an upgrade from Computershare.
Endeavour Group Ltd (ASX: EDV)
The Endeavour share price is down 2.5% to $6.59. Investors have been selling this drinks companyâs shares following the release of its third-quarter update. Endeavour reported a 1.2% increase in retail sales and an 18.5% lift in hotels sales. This led to total third-quarter sales increasing 3.7% over the prior corresponding period.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 2.5% to $6.57. This morning, the airline operator announced that its long-serving CEO, Alan Joyce, would be retiring from the role later this year. Joyce will be replaced by the companyâs current chief financial officer, Vanessa Hudson, when he steps down in November. The outgoing CEO has been in the role for approximately 15 years.
The post Why Beach, Computershare, Endeavour, and Qantas 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 April 3 2023
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More reading
- Qantas share price falls on CEO succession news
- 5 things to watch on the ASX 200 on Tuesday
- 5 things to watch on the ASX 200 on Monday
- Top ASX shares to buy in May 2023
- 5 things to watch on the ASX 200 on Friday
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 no position in any of the stocks mentioned. 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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