In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is dropping. At the time of writing, the benchmark index is down 0.25% to 7,418.6 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
AGL Energy Limited (ASX: AGL)
The AGL share price has dropped 7% to $5.86. This is despite there being no news out of the energy company. However, this decline could be due to a spot of profit taking after its shares jumped earlier this week in response to a new sales arrangement for gas with Cooper Energy Ltd (ASX: COE).
BHP Group Ltd (ASX: BHP)
The BHP share price has fallen 3.5% to $40.26. This decline appears to have been driven by a pullback in commodity prices overnight. According to CommSec, the copper price fell 1.2%, the iron ore price also fell 1.2%, and the aluminium price dropped 4%. An update on the mining giant’s potash plans today wasn’t enough to support the BHP share price.
IRESS Ltd (ASX: IRE)
The IRESS share price is down 3.5% to $13.23. This financial technology company’s shares have come under pressure since revealing that it has extended the due diligence period granted to EQT. The market appears concerned that this could be a sign that the takeover approach may not be going to plan.
Lendlease Group (ASX: LLC)
The Lendlease share price is down 1% to $11.14. This morning analysts at Morgan Stanley retained their underweight rating and $11.40 price target on its shares. While the broker sees a number of potential positive catalysts for its shares, it isn’t enough for a change of rating at this point. Morgan Stanley has concerns over the sustainability of its production targets.