In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to end the week on a disappointing note. At the time of writing, the benchmark index is down 0.4% to 7,341.4 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling:
APN Industria REIT (ASX: ADI)
The APN Industria REIT share price is down 6.5% to $3.50. This morning the property company announced the successful completion of its underwritten institutional placement and entitlement offer. Combined, the company raised a total of $244 million from institutional investors at a 7.8% discount of $3.45 per new share. The company will now aim to raise a further $106 million from retail investors at the same price.
Centuria Industrial Reit (ASX: CIP)
The Centuria Industrial share price is sinking 6% to $3.78 after completing its institutional placement. The industrial property company raised $300 million at a 5.2% discount of $3.80 per new share. Centuria Industrial is raising funds to acquire eight freehold urban infill industrial assets for a total of $351.3 million.
Cochlear Limited (ASX: COH)
The Cochlear share price is down over 4% to $226.89. Investors have been selling this hearing solutions company’s shares after it was hit with a patent infringement complaint by the University of Pittsburgh. The patent in question is related to a wireless energy transfer system. However, Cochlear believes that none of its products infringe the University’s patent and will defend the lawsuit.
Perseus Mining Limited (ASX: PRU)
The Perseus Mining share price has fallen over 5% to $1.41. Investors have been selling Perseus and other gold miners today after the spot gold price pulled back during overnight trade. The precious metal came under pressure amid concerns that the US Federal Reserve might raise interest rates sooner than expected.