Why Appen, Aventus, HomeCo Daily Needs, & Ramelius are dropping

These ASX shares are in the red on Tuesday. Here’s why…

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The S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is tumbling lower this afternoon. At the time of writing, the benchmark index is down 0.35% to 7,288.9 points.

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

Appen Ltd (ASX: APX)

The Appen share price is down 4.5% to $12.35. This decline may have been driven by news that a major shareholder has been selling down its holding shortly after building it up. According to a ceasing to be a substantial holder notice, the Capital Group Companies has been selling a significant number of shares just a month after buying them. It most recently sold 583,170 shares for just a touch over $8 million on 1 July.

Aventus Group (ASX: AVN)

The Aventus share price is down 4.5% to $3.15. This follows news that Brett Blundy sold approximately 28.5 million Aventus shares via a blocktrade on Monday. Mr Blundy received $90.4 million for the shares. It is worth noting that he still owns just over 129 million shares in the retail property company.

HomeCo Daily Needs REIT (ASX: HDN)

The HomeCo Daily Needs REIT share price has fallen 3% to $1.45. This morning the property company announced the successful completion of a $70 million institutional placement. These funds were raised at $1.45 per new share. HomeCo is raising the funds to acquire Town Centre Victoria Point in Queensland.

Ramelius Resources Limited (ASX: RMS)

The Ramelius share price is down over 4.5% to $1.66. This morning the gold miner revealed that it has fallen short of its full year production guidance. In FY 2021, Ramelius achieved gold production of 272,109 ounces. Although this was a record for the gold miner, it fell short of its upgraded guidance of 275,000 ounces to 280,000 ounces. Management blamed the guidance miss on issues such as rainfall and personnel shortages at the Edna May operation.

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Motley Fool contributor 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 and has recommended Appen Ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd. The Motley Fool Australia has recommended AVENTUS RE UNIT. 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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