Why ANZ, Fletcher Building, Macquarie, and Sayona Mining shares are dropping today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.3% to 7,725.3 points.

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

ANZ Group Holdings Ltd (ASX: ANZ)

The ANZ share price is down 3.5% to $28.09. This has been driven by the banking giant’s shares going ex-dividend this morning for its upcoming interim dividend payment. Last week, the big four bank released its half year results and declared an interim dividend of 83 cents per share. Eligible shareholders can now look forward to receiving this 65% franked interim dividend on 1 July. ANZ also revealed that ASIC is investigating the company for suspected contraventions of a number of provisions of the ASIC Act and the Corporations Act.

Fletcher Building Ltd (ASX: FBU)

The Fletcher Building share price is down 10.5% to $2.88. Investors have been hitting the sell button today after the building materials company released a disappointing trading update. Management advised that market conditions across the company’s Materials and Distribution divisions have weakened throughout FY 2024. As a result, it expects to fall short of its EBIT before significant items guidance of NZ$540 million to NZ$640 million. Management now expects a result in the range of NZ$500 million to NZ$530 million for FY 2024. The company also advised that it expects market conditions to remain challenging in both New Zealand and Australia in the near term. It continues to look for opportunities to manage costs against that backdrop.

Macquarie Group Ltd (ASX: MQG)

The Macquarie share price is down 2% to $189.54. This has also been driven by the investment bank’s shares going ex-dividend this morning for an upcoming dividend payment. Last week, Macquarie released its full year results and declared a 40% franked final dividend of $3.85 per share. This is scheduled to be paid to eligible shareholders on 2 July.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down almost 7% to 4.1 cents. This is despite the lithium miner announcing the discovery and expansion of new mineralised zones at its North American Lithium (NAL) operation. Management advised that the newly discovered zones are poised to become a focal point for NAL’s assessment of future mining options. Initial assessments indicate the presence of high-grade lithium mineralisation outside the mineral resource estimate pit shell. It believes this may represent a substantial addition to NAL’s resource portfolio and may contribute to extending NAL’s life of mine.

The post Why ANZ, Fletcher Building, Macquarie, and Sayona Mining shares are dropping today appeared first on The Motley Fool Australia.

More reading

• Why is the Macquarie share price getting hammered on Monday?
• This ASX 200 stock just slashed its earnings guidance by 17%
• What’s happening with the Sayona Mining share price on Monday?
• Why is the ANZ share price sinking today?
• These are the 10 most shorted ASX shares

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 Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.