The S&P/ASX 200 Index (ASX: XJO) is out of form on Thursday and dropping into the red. In afternoon trade, the benchmark index is down 0.45% to 8,631.7 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are falling:
KMD Brands Ltd (ASX: KMD)
The KMD Brands share price is down 55% to 7 cents. Investors have been selling the Kathmandu and Rip Curl owner’s shares after it raised funds to recapitalise. The company’s placement and institutional entitlement offer raised combined gross proceeds of approximately $44.2 million at an offer price of NZ$0.06 per new share. KMD’s CEO and managing director, Brent Scrimshaw, said: “We are pleased with the support for the institutional component of the equity raising. The raise will strengthen KMD’s balance sheet and position us to continue executing our Next Level transformation. We now look forward to inviting our retail shareholders to participate in the equity raising.”
Tamboran Resources Corp (ASX: TBN)
The Tamboran Resources share price is down 10% to 30 cents. This morning, the energy explorer announced flow rates from the Shenandoah South 6H. Despite the market’s negative reaction to the results, the company’s CEO, Todd Abbott, was pleased. He said: “The SSâ6H flow test has safely and successfully delivered the technical information we were seeking, with the well demonstrating strong, stable performance and low decline characteristics. Over the last five days of the test, we noted behavior of the gas rate similar to the performance of the SS2H ST1 well. This aligns with our view that these wells will continue to clean up with extended production testing and deliver shallower decline profiles in early production.”
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is down 1.5% to $9.09. This may have been driven by profit taking from some investors after strong gains over the past 12 months. During this time, the coal miner’s shares have risen over 70%.
WiseTech Global Ltd (ASX: WTC)
The WiseTech Global share price is down 4% to $38.82. Investors have been selling WiseTech Global and other ASX tech stocks today after Donald Trump gave an update on the US-Iran war. It seems that optimism that the war could end very soon is fading, which has led to oil prices rebounding and sentiment shifting negatively. This has led to tech stocks reversing much of the strong gains they made on Wednesday. According to CNBC, Trump has said the U.S. is going to “hit” Iran “extremely hard” over the next two or three weeks.
The post Why KMD, Tamboran Resources, Whitehaven Coal, and WiseTech Global shares are falling today appeared first on The Motley Fool Australia.
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More reading
- Why is this ASX stock crashing 60% today?
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- Why are ASX 200 tech stocks like WiseTech and Life360 going gangbusters on Wednesday?
- These were the best-performing ASX 200 shares in March
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.