In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in the red. At the time of writing, the benchmark index is down 0.7% to 7,405.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price has fallen 11% to $15.33. This has been driven by a pull back in the iron ore price overnight and a broker note out of UBS this morning. In respect to the latter, the broker has downgraded the iron ore producer's shares to a sell rating and cut the price target on them from $18.00 to $15.00. UBS made the move on the belief that iron ore prices will fall to US$70 to US$80 a tonne.
IRESS Ltd (ASX: IRE)
The IRESS share price is down almost 10% to $12.22. Investors have been selling the financial technology company's shares after takeover talks with EQT collapsed. IRESS advised that discussions between it and EQT have now concluded and the parties have been unable to agree a transaction. Last month EQT tabled a non-binding offer to acquire the company for $15.91 cash per share.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is 3% lower at $23.86. Investors have been selling gold miners today after the price of the precious metal dropped to a one-month low. According to CNBC, the spot gold price is down 2.3% to US$1,754.10 an ounce. This was driven by better than expected economic data in the US.
Syrah Resources Ltd (ASX: SYR)
The Syrah share price is down 4% to $1.21. This follows news that the graphite producer has been struggling to ship its product from the Balama Graphite Operation in Mozambique due to container ship shortages. Approximately 12kt of natural graphite sales from Balama were planned to ship from the Port of Nacala in late September. However, container shipping market disruption means that this has been delayed to October.
