Why Bank of Queensland, Block, Fletcher Building, and Newcrest are dropping today

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.5% to 7,168.3 points.

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

Bank of Queensland Ltd (ASX: BOQ)

The Bank of Queensland share price is down 2% to $6.79. This appears to have been driven by a broker note out of Citi. According to the note, the broker has downgraded the regional bank’s shares to a neutral rating with a reduced price target of $7.30. Citi believes the bank’s profit growth will be challenged in the near term.

Block Inc (ASX: SQ2)

The Block share price is down 5% to $97.69. Investors have been selling this payments company’s shares after a poor showing from its US listed shares overnight. Block’s shares on the NYSE sank 7.5% on Thursday night after the tech sector was sold off amid concerns over rising interest rates.

Fletcher Building Limited (ASX: FBU)

The Fletcher Building share price is down almost 3% to $4.59. This morning, this building materials company released an update on the New Zealand International Convention Centre and Hobson Street Hotel project (NZICC). According to the release, despite good progress on site, the complexity of the rebuild means costs are now expected to exceed insurance proceeds on NZICC. This has resulted in an additional NZ$150 million provision for costs to complete the project.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is down 2% to $20.42. Investors have been selling Newcrest and other gold miners today after interest rate expectations climbed. This put pressure on the gold price during overnight trade and has led to the S&P/ASX All Ordinaries Gold index falling 2.4% this afternoon.

The post Why Bank of Queensland, Block, Fletcher Building, and Newcrest are dropping today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• 3 ASX 200 value shares I think could soar in 2023
• Here are the top 10 ASX 200 shares today
• Why Arafura, Block, Leo Lithium, and St Barbara shares are storming higher
• Why Bendigo Bank, Block, Megaport, and Starpharma shares are rising today

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 Block. The Motley Fool Australia has positions in and has recommended Block. 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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