In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Streetâs lead and dropped into the red. At the time of writing, the benchmark index is down 0.2% to 7,239.9 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Australian Ethical Investment Ltd (ASX: AEF)
The Australian Ethical share price is down 5% to $4.49. Investors have been selling this fund managerâs shares following the release of a guidance update. The company revealed that it expects to report an underlying profit after tax and before performance fees of $4.5 million to $5 million for the first half of FY 2023.
Breville Group Ltd (ASX: BRG)
The Breville share price is down over 4% to $18.86. This appears to have been driven by a broker note out of Credit Suisse. According to the note, the broker has downgraded this appliance manufacturerâs shares to an underperform rating with an $18.61 price target. The broker has concerns that consumer spending on household goods could weaken.
Iluka Resources Limited (ASX: ILU)
The Iluka share price is down 3.5% to $9.83. A broker downgrade also appears to be behind this decline. According to a note out of Citi, its analysts have downgraded the mineral sands producerâs shares to a sell rating with a $9.50 price target. The broker made the move partly on valuation grounds following a strong rally.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 11% to $4.06. This follows the release of a broker note out of Morgans, broad weakness in the lithium industry, and the results of the companyâs latest lithium digital auction. The latter revealed a softening of lithium prices since last month, which appears to have spooked the market given recent bearish forecasts.
The post Why Australian Ethical, Breville, Iluka, and Pilbara Minerals shares are tumbling today appeared first on The Motley Fool Australia.
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More reading
- Why is the Pilbara Minerals share price sinking 6% today?
- Has Core dethroned Pilbara as the most talked-about ASX lithium share of the moment?
- ‘Not enough upside’ for Pilbara Minerals share price: Morgans
- 5 things to watch on the ASX 200 on Thursday
- Lithium, miners, and tech shares, oh my! Hereâs where Aussies put their ASX money in 2022
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 Australian Ethical Investment. The Motley Fool Australia has recommended Australian Ethical Investment. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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