The S&P/ASX 200 Index (ASX: XJO) has run out of steam and is dropping lower on Friday. At the time of writing, the benchmark index is down 0.35% to 6,974.5 points.
Four ASX shares that are falling more than most are listed below. Here’s why they are sinking:
Codan Limited (ASX: CDA)
The Codan share price is down 2.5% to $17.08. This decline appears to have been driven by profit taking by investors after some very strong gains. In fact, the Codan share price reached a record high of $17.79 earlier this. A strong performance in the first half of FY 2021, new acquisitions, and its inclusion in the ASX 200 have helped drive its shares higher.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price has fallen 2.5% to $18.50. Investors have been selling travel shares on Friday amid concerns over the rollout of COVID-19 vaccines across Australia. This follows the Government’s announcement that under 50s would not be receiving the Astra Zeneca vaccine due to blood clotting worries.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down over 2% to $47.87 following the release of its funds under management update for March. In March, Magellan experienced net inflows of $206 million. This comprises net retail outflows of $15 million and net institutional inflows of $221 million. The retail outflows may have caught the eye of investors.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price has fallen 2% to $41.00. This decline may have been triggered by speculation that a price war is brewing in the supermarket industry. This follows a decision by Coles Group Ltd (ASX: COL) to heavily discount a number of items. The market appears to believe this is being done in an effort to win back market share from its rivals. Price wars are never good news for margins.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Woolworths Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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