In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing the benchmark index is down 0.95% to 5,898.9 points.
Four ASX shares that have fallen more than most today are listed below. Here's why they are dropping notably lower:
The City Chic Collective Ltd (ASX: CCX) share price has dropped 7% lower to $3.15. Investors have been selling the fashion retailer's shares after it was unsuccessful acquiring the ecommerce assets of US-based plus-size retailer Catherines. These assets were being sold off following the bankruptcy of Ascena Retail Group. City Chic was in pole position to acquire the assets but was ultimately outbid.
The Fortescue Metals Group Limited (ASX: FMG) share price has sunk almost 6% lower to $16.33. The catalyst for this was a pullback in the iron ore price overnight. According to CommSec, the spot iron ore price fell 3.4% to US$124.20 a tonne on Wednesday night. In addition to this, a broker downgrade by Morgan Stanley last week is being covered in the media today and could be weighing on sentiment.
The Nearmap Ltd (ASX: NEA) share price has dropped 3.5% lower to $2.38. As well as being caught up in general tech sector weakness, this morning the aerial imagery technology and location data company announced the opening on its share purchase plan. Nearmap is aiming to raise $20 million at the lower of the institutional placement price of $2.77 or a 2.5% discount to the five-day volume weighted average price on 5 October.
The Zip Co Ltd (ASX: Z1P) share price has fallen over 5% to $6.10. Investors have been selling Zip and other tech shares today after the Nasdaq rebound ran out of steam overnight. At the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is down a disappointing 1.7%.
