Why EML Payments, Pact, Senex, and Webjet shares are dropping

These ASX shares are falling on Monday…

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The S&P/ASX 200 Index (ASX: XJO) is off its lows but still in the red this afternoon. At the time of writing, the benchmark index is down 0.35% to 7,253.1 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

EML Payments Ltd (ASX: EML)

The EML share price is down 4% to $3.49. This appears to have been driven by profit taking from some investors following a very strong gain last week. The payments company’s shares rose 24% last week following the release of an update on its dealings with the Central Bank of Ireland.

Pact Group Holdings Ltd (ASX: PGH)

The Pact share price has sunk 13% to $2.55. This follows the release of the packaging company’s annual general meeting update. At the event, the company revealed that its contract manufacturing segment has been impacted by lower demand. As a result, the segment is only expected to break even during the first half of the year.

Senex Energy Ltd (ASX: SXY)

The Senex Energy share price has fallen 3% to $4.26. This morning the energy producer revealed that it has granted POSCO with a two-week extension to its exclusivity period. This is to provide additional time for the receipt of necessary internal and board approvals. Investors may be concerned that the deal could fall through given these delays. Though, it is worth noting that POSCO has reiterated that it sees the acquisition as a compelling opportunity.

Webjet Limited (ASX: WEB)

The Webjet share price is down 2.5% to $5.22. Investors have been selling this online travel agent’s shares following the emergence of the Omicron variant of COVID-19. There are concerns that this variant could derail the travel market recovery at a time when things were starting to look positive.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and has recommended EML Payments. The Motley Fool Australia owns shares of and has recommended EML Payments. The Motley Fool Australia has recommended Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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