In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to end the day lower. At the time of writing, the benchmark index is down 0.4% to 8,589.7 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
Aeris Resources Ltd (ASX: AIS)
The Aeris Resources share price is down 7% to 38.5 cents. This appears to have been driven by broad weakness in the mining sector today, which has overshadowed a promising announcement this morning. Aeris Resources revealed that significant gold intersections continue at Golden Plateau. It achieved high-grade gold intersections from the Main, North and East lodes. Aeris’ executive chair, Andre Labuschagne, said “The consistent performance of our geological model continues to impress, with drill holes across the Main, North and East lodes intersecting mineralisation at their predicted positions and delivering some of our strongest results to date.”
Northern Star Resources Ltd (ASX: NST)
The Northern Star share price is down almost 4% to $19.14. Investors have been selling gold stocks today following a pullback in the price of the precious metal. Traders appear to be betting on higher oil prices causing a spike in inflation, putting pressure on central banks to raise interest rates. The S&P/ASX All Ordinaries Gold index is down 4.5% at the time of writing.
REA Group Ltd (ASX: REA)
The REA Group share price is down almost 4% to $152.74. This may have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has downgraded the property listings company’s shares to a sell rating (from buy) with a heavily reduced price target of $137.00 (from $217.00). Bell Potter said: “We downgrade our recommendation to Sell (prev. Buy). REA currently trades around 28x FY27e P/E, which is a level it has historically only traded at during EPS declines; VA consensus currently anticipates 14% EPS growth in FY27 (BPe: -2%). REA also appears expensive against other ASX classifieds on a FCF growth basis at 1.7x EV/FCFg in FY27e.”
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is down 8% to $6.95. This is despite there being no news out of the memory technology developer. However, it is worth noting that chip stocks were sold off on Wall Street on Friday. So, today’s selling of Weebit Nano shares could be a reflection of that weakness.
The post Why Aeris Resources, Northern Star, REA Group, and Weebit Nano shares are falling today appeared first on The Motley Fool Australia.
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More reading
- Why did this major broker just do a backflip on REA Group shares?
- 5 things to watch on the ASX 200 on Tuesday
- How to become rich by investing in ASX shares
- Why IperionX, Northern Star, Opthea, and Superloop shares are tumbling today
- 5 things to watch on the ASX 200 on Thursday
Motley Fool contributor James Mickleboro has positions in REA Group. 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 no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.