In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is out of form again and tumbling lower. At the time of writing, the benchmark index is down 0.8% to 7,361 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Chalice Mining Ltd (ASX: CHN)
The Chalice Mining share price is down 3% to $10.02. This decline appears to have been driven by profit taking from some investors after very strong gains this month. For example, prior to today, the Chalice Mining share price was up 55% since the start of the month. This was driven by very promising drilling results.
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is down 8% to $99.36. Investors have been selling this banking giant's shares after the release of its first quarter update. That update revealed a softer than expected profit and margin pressures. This was driven by higher liquid asset balances, home loan price competition, switching to lower margin fixed rate loans, and the continued impact of a low interest rate environment.
Nufarm Ltd (ASX: NUF)
The Nufarm share price is down 8.5% to $4.59. This is despite the release of a strong full year result by the crop protection and specialist seeds company. Nufarm reported a 10% increase in revenue to $3.2 billion and an underlying net profit after tax of $61 million. The latter compares very favourably to a pro forma loss of $73 million a year earlier. However, it appears as though the market was expecting an even stronger result.
SEEK Limited (ASX: SEK)
The SEEK share price is down almost 2% to $35.13 following the release of a trading update at its annual general meeting. The job listings giant advised that its results are tracking to the top end of its FY 2022 guidance for revenue, EBITDA, and NPAT for continuing operations. The market may have been expecting SEEK to outperform this guidance.
