The S&P/ASX 200 (ASX: XJO) is 0.4% higher in afternoon trade today after Wall Street was closed overnight for the Thanksgiving public holiday. However, a lot of investor attention is on the likelihood of the EU and the United Kingdom agreeing on a Brexit deal before Christmas, as otherwise, markets could come under more selling pressure.
Today, there are a number of ASX shares falling lower for multiple reasons. So let's take a look at what might be causing investors to hit the sell button.
The Automotive Holdings Group Ltd (ASX: AHG) share price is down 6.59% to $1.70 after the car and truck dealer warned investors net profit was down around 45% for the first four months of the financial year. This shock update was blamed on falling house prices in Sydney and Melbourne putting people off trading in their cars for better models or similar. For the four-month period group operating EBITDA is also now expected to drop around 14% to $54.1 million.
The Breville Group Ltd (ASX: BRG) share price is down 3.43% to $11.25 today despite the kitchen appliance maker releasing no specific news to the market. The group grew net profit 8.7% to $58.5 million on revenue of $652.3 million in FY 2018 and revealed that it's launched multiple new top-of-the-range products for FY 2019 that it hopes will support more growth. Recently a number of directors have been buying shares "on market" in another sign that FY 2019 may be a good year.
The Mineral Resources Limited (ASX: MIN) share price is down 2.35% to $15.39 today but did rise around 16% yesterday after the WA-based lithium and iron ore miner announced it had signed a deal to sell half its interest in the Wodgina lithium mine for $1.58 billion. The joint venture buyer is US-based Albermale Corporation and its expertise in marketing and distributing lithium product may make the deal a winner for investors.
The National Australia Bank Ltd (ASX: NAB) spin-off Clydesdale & Yorkshire Bank (CYBG PLC/IDR UNRESTR) (ASX: CYB) share price is down 5.28% to $3.41 today and has now lost nearly half its value in just over 3 months. For the year ending September 30, 2018, the regional UK bank reported a net loss of GBP 145 million due to it still paying costs or fines over the scandal over its mis-selling of credit card insurance in the UK. Backing out the "legacy conduct charges" it posted an underlying profit of GBP 331 million. However, the bank's value is also now being badly hurt by uncertainty over whether the UK can agree on a Brexit deal ahead of a December 2019 deadline.
