Why Beach, Fortescue, Iluka, & Temple & Webster shares are dropping lower

Fortescue Metals Group Limited (ASX:FMG) and Temple & Webster Group Ltd (ASX:TPW) shares are two of four dropping lower today…

| More on:

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on track to record a sizeable decline. The benchmark index is currently down 0.8% to 6,771.6 points.

Four ASX shares that are falling more than most today are listed below. Here's why they are dropping lower:

Beach Energy Ltd (ASX: BPT)

The Beach share price is down 4% to $1.78 following the release of its second quarter update. The energy producer reported production of 6.2 MMboe for the quarter, which was down 8% from the prior quarter and 3% from the prior corresponding period. This, together with a decline in oil prices over the last 12 months, led to Beach reporting a 25.5% decline in sales revenue to $344 million.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is down 6% to $23.78. Investors have been selling the mining giant's shares after the price of iron ore pulled back. According to CommSec, the iron ore price fell by 2.3% or US$3.85 to US$164.65 a tonne after Chinese steel mill profitability weakened.

Iluka Resources Limited (ASX: ILU)

The Iluka share price has fallen 5% to $6.69. This morning the mineral sands producer released a production update which revealed zircon, rutile and synthetic rutile (Z/R/SR) production of 585,000 tonnes in 2020. This was down from 702,000 tonnes in 2019. The company also revealed that it will suspend Synthetic Rutile Kiln 2 production for three to six months from February in order to reduce stocks of synthetic rutile. A contractual dispute has left the company with elevated stock levels.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price has sunk 11% lower to $12.00 despite there being no news out of the online furniture and homewares retailer. This decline could be due to profit taking ahead of its half year update next week. Prior to today, the Temple & Webster share price was up 340% since this time last year.

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

Person with thumbs down and a red sad face poster covering the face.
Share Fallers

Why EOS, Latitude, Northern Star, and Rio Tinto shares are falling today

These shares are ending the week in the red. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why A2 Milk, BWP, Core Lithium, and Newmont shares are sinking today

These shares are falling heavily on Thursday. But why?

Read more »

a person holds their head in their hands as they slump forward over a laptop computer which features a thick red downward arrow zigzagging downwards across the screen.
Gold

Why are ASX 200 gold stocks like Northern Star and Newmont down so much today?

ASX 200 gold stocks like Northern Star and Newmont are getting hammered on Thursday. But why?

Read more »

a man weraing a suit sits nervously at his laptop computer biting into his clenched hand with nerves, and perhaps fear.
Share Fallers

Why Brightstar, EQ Resources, Novonix, and Pro Medicus shares are falling today

These shares are under pressure on hump day. But why?

Read more »

Frustrated and shocked business woman reading bad news online from phone.
Share Fallers

Why New Hope, Pepper Money, Pro Medicus, and Reece shares are falling today

These shares are having a tough time on Tuesday. But why?

Read more »

A man in a business suit looks at a gold phone with his head in an exploding cloud of gold dust.
Gold

Newmont stock has plunged 17% in March. Here's why

This war has had an unusual effect on the price of gold.

Read more »

a woman looks exhausted and overwhelmed as she slumps forward into her hand while looking at her laptop screen.
Share Fallers

Why Regis Resources, Strike Energy, Telix, and Virgin Australia shares are falling today

These shares are starting the week in the red. But why?

Read more »

A man sits in despair at his computer with his hands either side of his head, staring into the screen with a pained and anguished look on his face, in a home office setting.
Share Fallers

Why CAR Group, Immutep, Northern Star, and Syrah Resources shares are sinking today

These shares are ending the week in the red? Here's why.

Read more »