In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and slipped into the red. At the time of writing, the benchmark index is down slightly to 7,221.3 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Energy Resources Of Australia Ltd (ASX: ERA)
The Energy Resources share price is down 10% to 18.5 cents. Investors have been selling this uranium developerâs shares after it announced a $369 million 5 for 1 entitlement offer. The company is aiming to raise the funds at a whopping 90.2% discount of 2 cents per share. The funds will be used partly to support its Ranger Project Area rehabilitation expenditure over the next 12 months.
Paradigm Biopharmaceuticals Ltd (ASX: PAR)
The Paradigm share price is down 6% to $1.35. This morning, this biopharmaceutical company released an update on a phase 2 clinical study of injectable pentosan polysulfate sodium (iPPS). Day 168 data from Paradigmâs trial demonstrates multiple signals that iPPS may slow disease progression in knee osteoarthritis. Some investors may have been looking for stronger data from the trial.
Piedmont Lithium Inc (ASX: PLL)
The Piedmont Lithium share price is down 5.5% to 84 cents. This follows a similarly sharp decline for this lithium minerâs NASDAQ listed shares during overnight trade on Wall Street. This appears to have been driven by broad weakness in the lithium industry.
Seek Ltd (ASX: SEK)
The Seek share price is down 2.5% to $23.62. Investors have been selling this job listings companyâs shares after it revealed it would fall short of its revenue guidance in FY 2023 due to continued moderation of job ad volumes. Positively, management expects to still achieve its earnings guidance despite this. It also provided long term revenue guidance ahead of consensus expectations.
The post Why Energy Resources, Paradigm, Piedmont Lithum, and Seek shares are dropping today appeared first on The Motley Fool Australia.
4 ways to prepare for the next bull market
It’s a scary market. But staying in cash when inflation is surging likely won’t do investors any good either.
And when some world-class companies have pulled back considerably from their recent highs… All while their fundamentals remain unchanged…
It begs the question…
Do you have these 4 stocks in your portfolio?
See The 4 Stocks
*Returns as of April 3 2023
(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}
setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()
More reading
- Seek share price sinks 7% on guidance update
- Morgans names the best ASX shares to buy in April
- Why Block, Novonix, Piedmont Lithium, and Syrah shares are racing higher
- Why is the Sayona Mining share price having such a stellar end to the week?
- Piedmont Lithium share price surges 6% on ‘exciting milestone’
Motley Fool contributor James Mickleboro has positions in Seek. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Seek. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
from The Motley Fool Australia https://ift.tt/91Ceg7y
Leave a Reply