Why Humm, Premier Investments, Western Areas, & Zip shares are sinking

These ASX shares are ending the week in the red…

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The S&P/ASX 200 Index (ASX: XJO) is having a day to forget. In afternoon trade, the benchmark index is down 1.3% to 7,247.2 points.

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

Humm Group Ltd (ASX: HUM)

The Humm share price is down 3% to 98 cents. Investors have been selling the financial services company's shares after it revealed that it potentially has past exposure to Forum Finance, which is currently embroiled in fraud allegations. Humm's initial review puts the company's potential on-sold exposure at $12 million post-tax.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price is down 2.5% to $26.84 due to broad market weakness. In other news, the retail conglomerate has revealed that it has instructed its lawyers to immediately request a copy of the Myer Holdings Ltd (ASX: MYR) shareholder register. Premier has commenced consultation with fellow Myer shareholders regarding the quick reconstitution of a majority independent Myer Board with the necessary skills and experience.

Western Areas Ltd (ASX: WSA)

The Western Areas share price is down 7% to $2.29. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, Macquarie has downgraded its shares to a neutral rating and cut the price target on them to $2.60. It made the move in response to lower than expected shipments in the June quarter.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down 5.5% to $8.29. A number of tech shares have come under pressure today following a poor night of trade on Wall Street's Nasdaq index. This has led to the S&P/ASX All Technology Index (ASX: XTX) falling a sizeable 3% this afternoon.

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 ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended Humm 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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