In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory but has fallen a touch short. At the time of writing, the benchmark index is down slightly to 7,385.6 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Baby Bunting Group Ltd (ASX: BBN)
The Baby Bunting share price is down a further 2% to $2.63. Investors have been selling this baby products retailerâs shares this week following the release of another disappointing trading update. In response to the update, Morgans has just downgraded Baby Buntingâs shares to a hold rating and slashed the price target on them to $2.80.
Origin Energy Ltd (ASX: ORG)
The Origin share price is down 3% to $7.42. This may have been driven by concerns over its takeover by private equity. This morning, the energy giant revealed that the consortium looking to acquire it for $9.00 per share has requested more time for its due diligence.
Rio Tinto Ltd (ASX: RIO)
The Rio Tinto share price is down 1% to $121.00. Investors have been selling this mining giantâs shares amid broad weakness in the resources sector and the release of its fourth quarter update. That update revealed that Rio Tinto delivered the low end of its iron ore shipments guidance in FY 2022. However, its costs were slightly ahead of guidance due partly to inflationary pressures.
South32 Ltd (ASX: S32)
The South32 share price is down 3% to $4.56. This appears to have been driven by a spot of weakness in the copper price. According to CNBC, overnight the base metal dropped 1.55% to US$4.150 per pound. Broad weakness in the resources sector could also be impacting its shares.
The post Why Baby Bunting, Origin, Rio Tinto, and South32 shares are dropping today appeared first on The Motley Fool Australia.
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More reading
- Buy ‘underappreciated’ Origin Energy shares for 20% upside: Morgan Stanley
- Rio Tinto share price falls on Q4 update
- Why did iron ore shares lag the ASX 200 on Monday?
- Here are the 3 most heavily traded ASX 200 shares on Monday
- Why did this ASX 300 share just crash 12%?
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 Baby Bunting Group. The Motley Fool Australia has recommended Baby Bunting Group. 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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