Why Brickworks, Imugene, Platinum, & Synlait shares are dropping today

Brickworks Limited (ASX:BKW) and Platinum Asset Management Ltd (ASX:PTM) shares are two of four dropping notably lower on Monday…

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In afternoon trade on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a disappointing decline. At the time of writing, the benchmark index is down 0.35% to 6,970.7 points.

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

Brickworks Limited (ASX: BKW)

The Brickworks share price is down 2.5% to $20.39. Today’s decline is partly attributable to the building products company’s shares going ex-dividend this morning for its interim dividend. Eligible shareholders can now look forward to receiving Brickworks’ 21 cents per share fully franked dividend later this month on 28 April.

Imugene Limited (ASX: IMU)

The Imugene share price has tumbled over 8% to 16.5 cents. This was despite the clinical stage immuno-oncology company announcing the presentation of its CF33 oncolytic virus program at the American Association for Cancer Research (AACR) 2021 Annual Meeting. This presentation demonstrated that 124I-based PET/CT imaging can be used to visualise SC and peritoneal tumours treated with Imugene’s CF33-hNIS-antiPDL1.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down 4% to $4.84. This follows the release of its funds under management (FUM) update after the market close on Friday. That update revealed that Platinum recorded net outflows of approximately $206 million for the month of March. This left the fund manager with total FUM of $24.5 billion at the end of the period.

Synlait Milk Ltd (ASX: SM1)

The Synlait share price has continued its slide and is down 2% to $3.15. Investors have been selling the struggling dairy processor’s shares after it announced the surprise exit of its CEO, Leon Clement. Though, with the Synlait share price losing over 70% of its value during his tenure, shareholders may be hoping that a change of leader will get it heading in the right direction again. Last month Synlait warned that it expected a breakeven result in FY 2021.   

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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 and has recommended Brickworks. 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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