In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.4% to 7,255.1 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
BHP Group Ltd (ASX: BHP)
The BHP share price is down 2.5% to $49.30. This follows the release of its fourth quarter and full year update. The mining giant reported full year iron ore production of 235.5Mt, petroleum production of 102.8MMboe, and copper production of 1,635.7kt. This was either in line or slightly ahead of its guidance. However, the market may be slightly underwhelmed with its guidance for FY 2022, which is for broadly flat production.
HUB24 Ltd (ASX: HUB)
The HUB24 share price has fallen 2% to $25.50. The investment platform provider’s shares are dropping despite reporting a record fourth quarter performance this morning. HUB24 revealed quarterly inflows of $3.9 billion for the period. This comprises $2.2 billion from its core platform, $1.4 billion from ClearView Wealth, and $300 million from Xplore Wealth.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 2% to $4.55. This decline appears to have been driven by concerns over the spread of COVID-19 across Australia. Three states are now locked down, which is threatening to derail the domestic travel market recovery.
Santos Ltd (ASX: STO)
The Santos share price has dropped 4.5% to $6.51. This follows a sharp decline in oil prices overnight after OPEC revealed plans to progressively remove its production cuts by September 2022. In addition, this morning Santos revealed that Oil Search Ltd (ASX: OSH) rejected its merger proposal. Santos tabled an offer of $4.25 per share, which Oil Search did not believe offered appropriate value for shareholders. The Oil Search share price is charging higher on the news.