The S&P/ASX 200 Index (ASX: XJO) is out form and sinking on Tuesday. In afternoon trade, the benchmark index is down 1.1% to 7,301.8 points.
Four ASX shares that are falling more than most are listed below. Here’s why they are tumbling lower:
CSL Limited (ASX: CSL)
The CSL share price has fallen almost 4% to $294.85. This appears to have been driven by weakness in the healthcare sector and a broker note out of Credit Suisse. In respect to the latter, the broker believes that CSL’s plasma collection market share will not recover to pre-COVID levels until 2025. Credit Suisse has a neutral rating and $315.00 price target on its shares.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
The Domino’s share price is down 2% to $155.80. This morning the pizza chain operator revealed that its ANZ boss, Nick Knight, will be leaving the company. The release explains that Mr Knight will be retiring after 30 years with the company. His exit has sparked a restructuring that will see Domino’s undertake a twin-region structure, focused on opportunities in Europe and Asia-Pacific.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is down 3% to $12.57. As well as being caught up in the selloff, soft retail sales data may be weighing on this online furniture and homewares retailer’s shares today. The ABS revealed that retail sales fell 1.7% in August. This was the third month in a row of declines.
Xero Limited (ASX: XRO)
The Xero share price is down 6% to $140.57. This decline appears to have been driven by a selloff in the tech sector following a weak night of trade on the tech-focused Nasdaq index. It isn’t just Xero that is tumbling. The S&P ASX All Technology index is down a disappointing 2.4% this afternoon.