The S&P/ASX 200 Index (ASX: XJO) looks set to end the week in a very disappointing fashion. In afternoon trade, the benchmark index is down 1% to 7,399.7 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Afterpay Ltd (ASX: APT)
The Afterpay share price is down 9% to $69.14. This follows further weakness in the Block share price during overnight trade on Wall Street. As Block has been given all the approvals required to acquire the buy now pay later provider, Afterpay shareholders will shortly have their shares convert into Block shares.
BWX Ltd (ASX: BWX)
The BWX share price has continued its slide and is down a further 6% to $3.48. Investors have been selling this personal care products company's shares this week following the surprise announcement of the exit of its CEO, Dave Fenlon. According to the release, Mr Fenlon will be replaced by the company's COO, Rory Gration, from 1 March. Mr Fenlon will remain on the board as a non-executive director.
Pendal Group Ltd (ASX: PDL)
The Pendal share price has crashed 20% to $4.75. This follows the release of a disappointing quarterly update which revealed net fund outflows of $6.8 billion This led to Pendal's funds under management (FUM) falling 2.5% to $135.7 billion during the December quarter despite the benefits of favourable market movements.
Temple & Webster Group Ltd (ASX: TPW)
The Temple & Webster share price is down 9% to $9.03. Investors have been selling this furniture and homewares retailer's shares amid broad weakness in the tech sector. This latest decline means the former market darling's shares are down 16% in 2022. This has been driven by concerns over the lofty multiples it and other tech shares trade on at a time when rates may soon start rising in the US.
