In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.4% to 8,307.7 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Genesis Energy Ltd (ASX: GNE)
The Genesis Energy share price is down almost 4% to $1.78. This morning, this vertically integrated energy company announced the successful completion of the shortfall bookbuild component of its NZ$300 million underwritten renounceable rights offer. Settlement of the rights offer is expected to occur on 24 March for the ASX, with allotment and commencement of trading expected on 25 March. A total of approximately NZ$400 million was raised in aggregate across the rights offer and the NZ$100 million underwritten placement.
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down 7.5% to $17.09. Investors have been selling this gold miner’s shares following another pullback in the gold price. Traders have been selling the precious metal amid concerns that rising oil prices could cause inflation to surge and send interest rates higher. The selling has been so bad that the gold price lost almost 10% of its value last week. It isn’t just Northern Star shares that are falling today. The S&P/ASX All Ordinaries Gold index is down a sizeable 7.6% at the time of writing.
Pls Group Ltd (ASX: PLS)
The Pls Group share price is down almost 7% to $3.94. This is despite there being no news out of the lithium miner today. However, the resources sector is a sea of red on Monday, with most miners trading sharply lower. This appears to have been driven by concerns that the Middle East conflict could negatively impact global economic growth and ultimately demand for some commodities. The S&P/ASX 200 Resources index is currently down by 3.4%.
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is down 5% to $40.74. This logistics solutions technology company’s shares have continued to fall amid broad weakness in the tech sector. Investors have been selling WiseTech and other tech stocks in response to AI disruption concerns and fears that the Middle East conflict could send interest rates meaningfully higher. The latter is bad for growth assets, with higher interest rates putting pressure on valuations.
The post Why Genesis Energy, Northern Star, PLS, and WiseTech shares are falling today appeared first on The Motley Fool Australia.
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More reading
- Genesis Energy completes NZ$400 million capital raise and rights offer
- Down 50%: Could these 2 leading ASX tech stocks rebound big?
- Should you buy these ASX gold stocks after last week’s crash?
- 5 things to watch on the ASX 200 on Monday
- Top brokers name 3 ASX shares to buy next week
Motley Fool contributor James Mickleboro has positions in WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.