Why Accent, BrainChip, Fortescue, and Novonix shares are sinking

These ASX shares are dropping notably lower today…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record a big decline. At the time of writing, the benchmark index is down a sizeable 3% to 6,925.1 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price is down over 4% to $2.02 following the release of a trading update. This morning the footwear focused retailer revealed that like-for-like sales across November and December fell 3.4% when compared to the prior corresponding period. Management also warned that January has been challenging due to COVID-19 impacts.

BrainChip Holdings Ltd (ASX: BRN)

BrainChip share price has crashed 16% to $1.39. This is despite there being no news out of the artificial intelligence technology company. This latest decline means BrainChip’s shares have now sunk over 40% from their highs this month. Investors appear to be questioning the company’s sky high valuation in the current environment.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is down 5% to $19.46 following the release of its second quarter update. Although Fortescue delivered record first half iron ore shipments, the discount for its product continues to widen. In addition, Fortescue revealed that its C1 costs were up 20% year on year. Though, a small positive was that they remained flat quarter on quarter.

Novonix Ltd (ASX: NVX)

The Novonix share price is down 8.5% to $7.53. This appears to have been driven by broad weakness in the battery materials sector which has offset a positive announcement. In respect to the latter, the advanced battery materials and technology company has signed a letter of intent to enter into investment and supply agreements with KORE Power. This will see Novonix become the exclusive supplier of high-performance graphite anode materials to KORE Power’s U.S. facility.

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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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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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