It was a day to forget for the S&P/ASX 200 Index (ASX: XJO) on Thursday. The benchmark index ended the day 1.9% lower at 7,369.5 points.
Four shares that fell more than most are listed below. Here's why these ASX shares tumbled lower:
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Afterpay Ltd (ASX: APT)
The Afterpay share price dropped 3% to $126.50. Investors were selling the payments company's shares after the Square share price tumbled 4% during overnight trade on Wall Street. Given how Square is acquiring the buy now pay later (BNPL) provider in shares, any fluctuations in its share price impacts the takeover price. Square's shares appear to have fallen in response to rival PayPal making a BNPL acquisition.
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price fell almost 2.5% to $100.55. Australia's largest bank's shares were caught up in the broad market selloff. This may have been triggered by concerns over the US economy and profit taking after a strong gain in 2021. In respect to the latter, the CBA share price is up 20% year to date despite this decline.
Omni Bridgeway Ltd (ASX: OBL)
The Omni Bridgeway share price tumbled 5.5% to $3.98. This follows the release of an update on the Brisbane Flood class action. Unfortunately for Omni Bridgeway, the Supreme Court of New South Wales Court of Appeal has found the remaining defendant, Seqwater, not liable to the group members in the Brisbane Floods Class Action. The company is considering an appeal.
South32 Ltd (ASX: S32)
The South32 share price fell almost 4% to $3.23. A good portion of this decline is attributable to the company's shares going ex-dividend this morning for its fully franked 7.6 cents per share final dividend. Eligible shareholders can now look forward to being paid this dividend on 7 October.
