In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.4% to 8,696.5 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 11% to $6.45. Investors have been selling this infant formula company’s shares after it announced a product recall in the United States. It advised that it commenced the voluntary recall of three batches of a2 Platinum USA label infant milk formula due to the presence of cereulide in the product. Thankfully, no confirmed incidents of infant illness or harm have been reported to the company. And while this recall impacts the equivalent of 0.1% of its total first half sales, investors may have concerns over the potential brand damage this could have.
Accent Group Ltd (ASX: AX1)
The Accent Group share price is down 12% to 54.5 cents. This follows news that the footwear retailer’s CEO is being investigated by ASIC for suspected insider trading. Accent also stated: “No charges have been laid against any person and there are no allegations against the Company. The Company has cooperated with ASIC and intends to continue to do so. ASIC has stated that the section 33 notice should not be construed as an indication that a contravention of the law has occurred, nor should it be considered a reflection upon any person or entity.”
Endeavour Group Ltd (ASX: EDV)
The Endeavour Group share price is down over 4% to $3.27. This has been driven by the release of a trading update from the drinks giant this morning. The Dan Murphy’s and BWS owner revealed that retail sales were up 2.9% to $2,398 million and hotel sales were up 3.7% to $531 million during the third quarter. However, it warned that elevated supply chain costs are expected due to higher fuel and freight prices. Endeavour Group’s CEO, Jayne Hrdlicka, commented: “We are implementing a more efficient operating model to deliver better returns for our shareholders and look forward to discussing this more fully at our upcoming Investor Day.”
Woodside Energy Group Ltd (ASX: WDS)
The Woodside Energy share price is down 3% to $32.09. Investors have been selling Woodside and other ASX energy shares today after oil prices pulled back on Friday night. This was driven by news that Iran has put forward a new peace deal to the United States.
The post Why A2 Milk, Accent, Endeavour, and Woodside shares are falling today appeared first on The Motley Fool Australia.
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More reading
- Why this $5.7 billion ASX stock is getting sold off today
- Endeavour Group Q3 sales rise as retail and hotels gain ground
- 5 things to watch on the ASX 200 on Monday
- ASX 200 energy shares lead and market finally cracks 8-day losing streak
- The worst 4 ASX 200 stocks to buy and hold in April unmasked
Motley Fool contributor James Mickleboro has positions in Accent Group, Endeavour Group, and Woodside Energy Group Ltd. 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 Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.