The S&P/ASX 200 Index (ASX: XJO) is under significant pressure on Wednesday. In afternoon trade, the benchmark index is down 1.75% to 6,941.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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BHP Group Ltd (ASX: BHP)
The BHP share price is down 3% to $48.97. This appears to be in relation to comments out of Beijing on Tuesday. The Chinese government stated that it plans to increase its domestic iron ore production and exploration and widen import channels in an effort to become less reliant on Australian iron ore.
EML Payments Ltd (ASX: EML)
The EML Payments share price has crashed 40% to $3.11. The catalyst for this is news that the Central Bank of Ireland has raised concerns over EML Payments' PFS Card Services Ireland business. The central bank's concerns are in relation to Anti-Money Laundering/Counter Terrorism Financing matters. Management notes that 27% of its total revenue goes through this business. The worst case scenario could see the business lose its financial service authorisation in the market.
Laybuy Holdings Ltd (ASX: LBY)
The Laybuy share price has fallen 14% to 58.5 cents. This follows the successful completion of the buy now pay later provider's capital raising this morning. According to the release, Laybuy raised $35 million at a 26.5% discount of 50 cents per new share. It will now seek to raise a further $5 million from retail investors at the same price. These funds will be used to accelerate its growth in the UK market.
St Barbara Ltd (ASX: SBM)
The St Barbara share price has fallen a further 6% to $1.75. This gold miner's shares were sold off on Tuesday after it downgraded its production guidance and increased its cost guidance for FY 2021. This didn't go down well with analysts at Macquarie. In response, they have downgraded its shares to an underperform rating and cut their price target to $1.80.
