The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a heavy decline. In afternoon trade, the benchmark index is down over 1% to 7,036.3 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:
Block Inc (ASX: SQ2)
The Block share price has tumbled 10% to $137.50. Investors have been selling this payments company’s shares following a poor night of trade for its US listed shares on Friday night. In addition, futures contracts are currently pointing to a very red start to the week for tech shares on Wall Street. This is weighing on the Australian tech sector, which has dragged the S&P ASX All Technology index down 4% this afternoon.
GQG Partners Inc (ASX: GQG)
The GQG share price is down 7% to $1.23. This follows the release of the fund manager’s latest funds under management (FUM) update. That update revealed that fund inflows have continued but its overall FUM has fallen by 1.6% month on month to $89.8 billion.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 9% to $4.49. Investors have been selling this airline operator’s shares amid concerns about rising oil prices. With prices briefly topping US$130 a barrel earlier today, Qantas’ fuel costs are likely to increase materially and put pressure on its margins. This could push back its break-even point once again.
Unibail-Rodamco-Westfield (ASX: URW)
The Unibail-Rodamco-Westfield share price is down 7% to $4.31. This shopping centre operator’s shares have come under pressure today following news that they will be dumped from the ASX 200 index later this month. At the quarterly rebalance on 22 March, Unibail-Rodamco-Westfield will be one of four shares removed from the index.
The post Why Block, GQG, Qantas, and Unibail-Rodamco-Westfield are sinking today appeared first on The Motley Fool Australia.
Wondering where you should invest $1,000 right now?
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.
*Returns as of January 12th 2022
More reading
- Why is the Qantas (ASX:QAN) share price diving 7% today?
- Why is the Block (ASX:SQ2) share price sinking 11% on Monday?
- The oil price just hit a 13-year high, and these ASX 200 shares are surging
- ASX 200 (ASX:XJO) midday update: AGL rejects new takeover offer, Appen makes strategic investment
- Here’s why ASX shares are set for a shakeup this month
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. owns and has recommended Block, Inc. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
from The Motley Fool Australia https://ift.tt/Qmqld1F
Leave a Reply