Why AGL, BHP, IRESS, & Lendlease shares are dropping

These ASX shares are dropping on Wednesday…

| More on:
a person in a business suit wipes his forehead with his handkerchief while a red, falling arrow zigzags downwards behind him

Image source: Getty Images

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.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

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. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers