In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.2% to 8,744.2 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is down 3% to $1.37. This uranium producer’s shares have been crushed this year following the release of its Honeymoon project review. That review has indicated an expected material and significant deviation from the assumptions underpinning its 2021 Enhanced Feasibility Study (EFS). Boss Energy’s managing director, Matthew Dusci, remains hopeful that there is still a way forward. He said: “Although Boss acknowledges this disappointing outcome, the Honeymoon Review and delineation drilling programs have enabled the identification of a potential pathway forward through a new wide-spaced wellfield design. While additional work is necessary to finalise a New Feasibility Study, this development presents an opportunity for Boss to potentially lower operating costs, optimise production profiles, and extend mine life compared to the current wellfield design.”
DroneShield Ltd (ASX: DRO)
The DroneShield share price is down 6% to $3.09. This is despite there being no news out of the counter drone technology company today. However, it is worth noting that DroneShield’s shares have been strong performers this month. So much so, despite today’s pullback, its shares remain up by 55% since this time last month. They are also up over 300% since the start of the year.
Electro Optic Systems Holdings Ltd (ASX: EOS)
The EOS share price is down 5% to $8.79. This could also be due to profit taking from some investors following a strong gain this month. EOS shares remain up over 90% since this time last month despite today’s weakness. In addition, optimism that Ukraine and Russia could soon sign a peace deal could be weighing on its shares. Investors may believe a peace deal would lessen demand for its defence products.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is down over 5% to $25.43. This is despite there being no news out of the investment platform provider on Monday. Earlier this month, the company revealed that it had agreed to compensation payments of approximately $101 million to members impacted by the First Guardian Master Fund collapse.
The post Why Boss Energy, DroneShield, EOS, and Netwealth shares are falling today appeared first on The Motley Fool Australia.
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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 positions in and has recommended DroneShield, Electro Optic Systems, and Netwealth Group. The Motley Fool Australia has positions in and has recommended Netwealth Group. 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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