Why Australian Finance Group, Chalice, DroneShield, and ResMed are sinking today

The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Thursday. In afternoon trade, the benchmark index is down 0.1% to 7,652.9 points.

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

Australian Finance Group Ltd (ASX: AFG)

The Australian Finance Group share price is down 10% to $1.50. This morning, the mortgage broking company released its half-year results and reported a 34% decline in net profit after tax to $7.4 million.

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is down 9% to $1.14. This is despite there being no news out of the mineral exploration company today. However, it is worth noting that its shares were on fire on Wednesday. So, this decline could have been driven by profit taking from some investors. Its shares remain up 13% over the last two sessions.

DroneShield Ltd (ASX: DRO)

The DroneShield share price is down 21% to 73.5 cents. This may also have been driven by profit taking after some incredible gains. Year to date, the counter drone technology company’s shares are still up 100% despite this decline. In other news, this morning Bell Potter downgraded its shares to a hold rating but with an improved price target of 90 cents.

ResMed Inc. (ASX: RMD)

The ResMed share price is down almost 4% to $26.87 despite there being no news out of the sleep treatment company. However, news that there’s a new weight loss wonder drug on the scene could be weighing on sentiment. Viking Therapeutics Inc (NASDAQ: VKTX) shares are up 150% in two days after its experimental drug reportedly helped obesity patients lose almost 15% of their body weight in a mid-stage study.

The post Why Australian Finance Group, Chalice, DroneShield, and ResMed are sinking today appeared first on The Motley Fool Australia.

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More reading

• Why is the high-flying DroneShield share price crashing 20% today?
• Here are the top 10 ASX 200 shares today
• Why APM, DroneShield, EOS, and NextDC shares are charging higher
• Why is the Chalice Mining share price rocketing 20% today?
• DroneShield share price flying 13% on first profitable year

Motley Fool contributor James Mickleboro has positions in ResMed. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield and ResMed. The Motley Fool Australia has positions in and has recommended ResMed. 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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