Why Credit Corp, Incitec Pivot, Sayona Mining, and Weebit Nano shares are dropping

The S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory. At the time of writing, the benchmark index is down a fraction to 7,600.9 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Credit Corp Group Limited (ASX: CCP)

The Credit Corp share price is down 3% to $17.09. Investors have been selling this debt collector’s shares following the release of its half year results. Credit Corp reported a statutory loss after tax of $12.1 million for the period. Though, on an underlying basis, its profits would have been up 5% to $33.5 million.

Incitec Pivot Ltd (ASX: IPL)

The Incitec Pivot share price is down 8% to $2.68. This has been driven by the industrial chemicals company’s shares going ex-return on capital this morning. Incitec Pivot is returning $500 million to shareholders via a $0.1557 per share equal capital reduction and an unfranked special dividend of $0.1017 per share. The special dividend will be paid to eligible shareholders next week on 8 February.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 9.5% to 3.8 cents. This follows the release of the lithium miner’s quarterly update this morning. That update revealed a 76% decline in revenue quarter on quarter to $23 million. More importantly, management reported that its unit operating cost increased to A$1,397 per tonne, which is significantly more than its realised selling price of $946 per tonne.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is down 8.5% to $3.53. Investors have been selling the semiconductor company’s shares after it reported quarterly revenue of less than $500,000. As a comparison, prior to today, Weebit Nano’s market capitalisation was over $700 million. In light of this, it may not be surprising to learn that it is one of the most shorted shares on the ASX.

The post Why Credit Corp, Incitec Pivot, Sayona Mining, and Weebit Nano shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Why is the Weebit Nano share price crashing 10% today?
• Morgans names the ASX cyclical shares to buy for earnings season
• 5 things to watch on the ASX 200 on Wednesday
• Here are the top 10 ASX 200 shares today
• These are the 10 most shorted ASX shares

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