Why Lendlease, New Hope, Nuix, and Orora shares are dropping today

The S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. In afternoon trade, the benchmark index is up a fraction to 7,658.6 points.

Four ASX shares that are acting as a drag on the market today are listed below. Here’s why they are falling:

Lendlease Group (ASX: LLC)

The Lendlease share price is down 17% to $6.22. Investors have been selling the international property and infrastructure company’s shares after it released its half-year results. Lendlease reported a disappointing statutory loss after tax of $136 million. The company’s earnings were impacted by a reduction in investment property valuations, redundancy costs, and an additional provision in relation to UK building remediation regulations.

New Hope Corporation Ltd (ASX: NHC)

The New Hope share price is down 6% to $4.75. This morning, this coal miner released a second-quarter update and reported underlying EBITDA of A$179.9 million. This is down 26.5% over the prior corresponding period due primarily to lower realised pricing. This brought its half-year underlying EBITDA to $424.8 million, which is down 59.1% year on year.

Nuix Ltd (ASX: NXL)

The Nuix share price is down 11% to $1.73. This investigative analytics and intelligence software provider’s shares are falling following the release of its half-year results. Nuix reported a statutory loss after tax of $4.8 million, which is down from a $1.3 million profit a year earlier. Legal costs were largely to blame.

Orora Ltd (ASX: ORA)

The Orora share price is down 6.5% to $2.71. Investors have been selling this packaging company’s shares following the release of its half-year update. Orora posted a 5.5% decline in revenue to $2,139.1 million but a 0.5% lift in underlying net profit after tax to $108.6 million. The latter was short of the market’s expectations.

The post Why Lendlease, New Hope, Nuix, and Orora shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Nuix share price sinks 15% after swinging to half-year loss
• Lendlease share price crashes on $136m half-year loss
• 2 ASX 200 shares trading at a ‘deep discount to their deserved valuation’
• Are these ASX dividend shares strong buys for passive income?
• Forget term deposits and buy these ASX dividend shares

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 recommended Orora. 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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