In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.15% to 7,711.6 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Bapcor Ltd (ASX: BAP)
The Bapcor share price is down 2.5% to $4.87. This morning, this auto parts retailer announced that it has successfully refinanced $200 million of debt facilities that were due to mature in July 2025. Bapcor has increased this debt facility by $100 million to a total of $300 million split into tenors maturing in July 2028 and July 2029. Investors may be concerned that this could be a sign that Bapcor isn’t interested in being taken private. Last week, it received an unsolicited, indicative, conditional and non-binding proposal from Bain Capital for $5.40 cash per share.
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down over 4% to $1.28. This may have been driven by a broker note out of UBS this morning. According to the note, the broker has downgraded the mineral exploration company’s shares to a neutral rating (from buy) with a $1.50 price target. In addition, as we covered here earlier, short sellers continue to successfully target the company. A total of 9.6% of Chalice Mining’s shares are held short at present.
Integral Diagnostics Ltd (ASX: IDX)
The Integral Diagnostics share price is down 4% to $2.44. This follows news that the diagnostic imaging company has made an offer to merge with rival Capitol Health Ltd (ASX: CAJ). Given that it is an all-scrip deal, it seems that some investors don’t believe that Integral Diagnostics shareholders are getting a good deal. Capitol Health shares are up 15% on the news.
Winsome Resources Ltd (ASX: WR1)
The Winsome Resources share price is down 14.5% to 82.5 cents. This has been driven by the completion of the lithium developer’s equity raising. Firm commitments have been received to raise a total of $25 million. This comprises $13.2 million at $1.275 per new share via Canadian flow through financing and a share placement of $11.8 million at a discount of 85 cents per share. The funds will be used to advance key project initiatives. This includes the Adina Lithium and Renard project studies, which are on track for completion in the third quarter of 2024, and exploration and resource growth drilling to expand the current mineral resource estimate of 77.9Mt @ 1.15%.
The post Why Bapcor, Chalice Mining, Integral Diagnostics, and Winsome Resources shares are dropping appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the ‘five best ASX stocks’ for investors to buy right now. We believe these stocks are trading at attractive prices and Scott thinks they could be great buys right now…
See The 5 Stocks
*Returns as of 5 May 2024
More reading
- Up 15% last week, why is this ASX 200 share sinking on Monday?
- Why Capitol Health, Capricorn Metals, Credit Clear, and Telix shares are storming higher
- Why is this ASX lithium stock crashing 16% today?
- This ASX All Ords stock is rocketing 20% after accepting a takeover offer
- These are the 10 most shorted ASX 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 Bapcor and Integral Diagnostics. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
Leave a Reply