In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. At the time of writing, the benchmark index is down 0.2% to 7,222.4 points.
Four ASX shares that are falling more than most today are listed below. Hereâs why they are dropping:
Brickworks Limited (ASX: BKW)
The Brickworks share price is down almost 2% to $22.60. This has been driven by the building products companyâs shares trading ex-dividend this morning for its latest dividend. Eligible shareholders can now look forward to receiving this 23 cents per share interim dividend in their bank accounts on 2 May.
Energy Resources Of Australia Ltd (ASX: ERA)
The Energy Resources share price is down a massive 69% to 5.8 cents. This uranium developerâs shares have come under significant pressure this week after it announced a $369 million 5 for 1 entitlement offer. Energy Resources is raising the funds at a whopping 90.2% discount of 2 cents per share. The proceeds will be used partly to support its Ranger Project Area rehabilitation expenditure over the next 12 months.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down a further 3.5% to $7.98. Investors have been hitting the sell button this week after the fund manager released another bleak funds under management (FUM) update. The companyâs FUM has now dropped by 38% over the last 12 months.
Pilbara Minerals Ltd (ASX: PLS)
The Pilbara Minerals share price is down 4% to $3.57. Investors have been selling ASX lithium shares on Thursday after their US peers tumbled overnight. A bearish broker note out of Bank of America appears to have sparked the selling in Wall Street. It warned that lithium prices could fall materially in the coming months based on futures contracts. It suspects this could lead to negative earnings revisions for Albemarle. Investors appear to believe this may also be the case for Pilbara Minerals and co.
The post Why Brickworks, Energy Resources, Magellan, and Pilbara Minerals shares are dropping today appeared first on The Motley Fool Australia.
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More reading
- ASX 200 lithium stocks sink again following Albemarle downgrade
- Buy Pilbara Minerals and this ASX dividend share: analysts
- 5 things to watch on the ASX 200 on Thursday
- Here are the 3 most heavily traded ASX 200 shares on Wednesday
- Why Deep Yellow, Frontier Digital, Magellan, and Novonix shares are dropping 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 Brickworks. The Motley Fool Australia has positions in and has recommended Brickworks. 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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