The S&P/ASX 200 Index (ASX: XJO) has taken a tumble on Tuesday after the RBA lifted the cash rate. In afternoon trade, the benchmark index is down 0.5% to 7,501.9 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
ARB Corporation Limited (ASX: ARB)
The ARB share price is down over 10% to $29.88. This 4×4 auto parts companyâs shares have come under pressure after Macquarie gave a lukewarm response to its half year update. Its analysts have downgraded ARBâs shares to a neutral rating with a $33.00 price target.
Centuria Capital Group (ASX: CNI)
The Centuria Capital share price is down 5% to $1.87. This follows the release of the property company’s half year results. Although Centuria Capital delivered strong top line growth, its operating profit was flat year over year.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price is down 5% to $10.26. Investors have been selling this furniture retailerâs shares since the release of its half year results. Macquarie has also responded to its results by downgrading its shares to a neutral rating with an $11.30 price target. The broker appears concerned by the headwinds the company is facing from higher interest rates and a cooling housing market.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price is down 2% to $1.016. This may have been driven by a broker note out of Goldman Sachs. It has warned that the gaming company could fall short of expectations with its results. It notes that industry feedback and data updates suggest that competition has been strong. This is being driven by disruption from a new entrant in the market, which it feels could be pressuring net margins and earnings.
The post Why ARB, Centuria Capital, Nick Scali, and Tabcorp shares are dropping appeared first on The Motley Fool Australia.
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More reading
- ASX share prices have rallied too hard to start 2023 says UBS equity strategist as one US analyst says donât even think about turning bullish until 2024
- Why is the ARB share price beating the ASX 200 today?
- Why Brainchip, Core Lithium, IAG, and Nick Scali shares are dropping today
- Nick Scali share price plummets despite 70% profit boost
- These are the 10 most shorted ASX shares
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 ARB Corporation. The Motley Fool Australia has recommended ARB Corporation. 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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