In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the day with a small decline. At the time of writing, the benchmark index is down 0.2% to 7,262.3 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Coronado Global Resources Inc (ASX: CRN)
The Coronado Global share price is down 3% to $1.54. While the coal miner lodged its quarterly report with the US SEC today, that doesnât seem to have been the driver of this decline given its actual quarterly update was released last month. Instead, this decline appears to have been driven by broad weakness in the coal industry today.
Silver Lake Resources Ltd (ASX: SLR)
The Silver Lake share price is down 6% to $1.10. Silver Lake is one of a number of gold miners being sold by investors today ahead of a key inflation reading in the United States. Some investors may be concerned that inflation will still be high and cause more rate hikes. The S&P/ASX All Ordinaries Gold index is down 0.85% this afternoon.
Strike Energy Ltd (ASX: STX)
The Strike Energy share price is down over 3% to 44 cents. Thatâs despite the energy developer releasing an update on its Eneabba Deep activities. According to the release, Strike has received its final approval for the 128 km Eneabba Deep 2D seismic campaign to delineate the attractive Eneabba Deep prospect.
Tourism Holdings Ltd (ASX: THL)
The Tourism Holdings share price is down over 9% to $3.60. This follows the release of a trading update after the market close on Monday. The recreational vehicle company revealed that it is maintaining its profit guidance for FY 2023. However, it concedes that there will be some risk in meeting its guidance should vehicle sales deliveries delay from Q4 FY23 into July/August 2023.
The post Why Coronado Global, Silver Lake, Strike Energy, and Tourism Holdings shares are dropping appeared first on The Motley Fool Australia.
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More reading
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- Here are the top 10 ASX 200 shares today
- Here are the top 10 ASX 200 shares 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 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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