In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is on course to record a small decline. At the time of writing, the benchmark index is down 0.15% to 7,344.8 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are tumbling lower:
Image source: Getty Images
Brickworks Limited (ASX: BKW)
The Brickworks share price is down 4% to $23.75. Investors have been selling this building products company's shares in response to a broker note out of UBS. According to the note, the broker has downgraded the company's shares to a neutral rating with a $26.30 price target. The broker believes its property business' growth could slow in the near term.
Charter Hall Group (ASX: CHC)
The Charter Hall share price is down 7.5% to $20.00. This follows news that the property company is acquiring a 50% interest in Paradice Investment Management (PIM). Charter Hall will pay $207 million for the stake. This comprises 70% in shares and 30% in cash. PIM is a fund manager with around $18.2 billion in funds under management. Some investors don't appear keen on the move.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is back in the red on Wednesday and down 3% to $19.98. Investors have been selling down this fund manager's shares this week after it lost a major contract. The market appears concerned that more could follow, particularly given its high fees and the bitterly disappointing performance of its flagship fund this year.
Rio Tinto Limited (ASX: RIO)
The Rio Tinto share price is down over 2.5% to $98.77 after announcing an acquisition. The mining giant intends to pay US$825 million or A$1.15 billion on the Argentina-based Rincon lithium project. The release notes that it is a large brine project with the potential to be one of the lowest carbon operations in the industry. Investors may believe Rio Tinto is overpaying for the asset.
