In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has run out of steam and is edging ever so slightly lower. At the time of writing, the benchmark index is down to 7,414.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling:
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Aurizon Holdings Ltd (ASX: AZJ)
The Aurizon share price is down 6% to $3.66. This is despite the rail freight operator announcing a major acquisition. Aurizon has signed an agreement with Macquarie Group Ltd (ASX: MQG) subsidiary Macquarie Asset Management to acquire One Rail Australia for $2.35 billion. Management believes the acquisition is highly strategic and transformative for Aurizon. Though, it appears as though the market isn't overly convinced. This may be due to the company needing to offload some of the acquired assets to ease competition concerns.
De Grey Mining Limited (ASX: DEG)
The De Grey Mining share price has tumbled 9% to $1.10. This morning the gold explorer announced the successful completion of its fully underwritten $125 million institutional placement at a price of $1.10 per new share. This represents a 9% discount to its last close price. These funds will be used partly to fund the commencement and completion of the prefeasibility study of the Mallina Gold Project.
Lynas Rare Earths Ltd (ASX: LYC)
The Lynas share price has dropped 9% to $6.76 following the release of its first quarter update. For the three months ended 30 September, the rare earths producer reported sales revenue of $121.6 million. This was down 34.5% quarter on quarter. Things were even worse for its sales receipts, which fell by over 50% quarter on quarter to $92 million.
Yancoal Australia Ltd (ASX: YAL)
The Yancoal share price has sunk 9.5% to $3.03. This may have been driven by reports in China that coal producers in the country have agreed to observe a price ceiling for thermal coal ahead of the winter heating season.
