In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.1% to 7,284.6 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling lower:
Altium Limited (ASX: ALU)
The Altium share price is down 7.5% to $34.27. Investors appear to be taking profit after an incredible gain earlier this week. Even after today’s decline, the electronic design software company’s shares are up 26% since the start of the week. This has been driven by a rejected takeover approach from US software giant Autodesk.
Appen Ltd (ASX: APX)
The Appen share price has fallen 3.5% to $12.86. This also appears to have been driven by profit taking. Prior to today, this artificial intelligence data services company’s shares were up 15% since this time last month. Improving investor sentiment in the tech sector and optimism over its new operating model have helped drive its shares higher.
National Storage REIT (ASX: NSR)
The National Storage share price is down 2% to $2.04. This follows news that National Storage has raised gross proceeds of approximately $260 million via an accelerated non-renounceable entitlement offer. The storage giant raised the funds at a 4% discount of $2.00 per new share. It is now aiming to raise a further $65 million from retail investors. These funds will be used to support its growth strategy.
Woolworths Group Ltd (ASX: WOW)
The Woolworths share price is down 2% to $42.63. Today’s decline appears to have been driven by a broker note out of Credit Suisse. According to the note, the broker has downgraded the retail giant’s shares to an underperform rating with a $37.98 price target. This follows its review of the company’s Endeavour demerger plans.