Why Evolution, Cettire, Hipages, and Kogan shares are sinking

These ASX shares are deep in the red…

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After a decent start to the day, the S&P/ASX 200 Index (ASX: XJO) is tumbling lower again in afternoon trade. At the time of writing, the benchmark index is down 1.7% to 6,845.9 points.

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

Cettire Ltd (ASX: CTT)

The Cettire share price is sinking 6% to $2.76 after weakness in the tech sector offset a positive announcement. According to the release, the online luxury goods marketplace will soon be offering beauty products. The company notes that this is a market estimated to be worth around $100 billion globally.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is down 11% to $3.48. This follows a pullback in the gold price and the release of the gold miner’s quarterly update. The latter saw Evolution produce 148,084 ounces at an all-in sustaining cost (AISC) of A$1,347 an ounce. The gold miner’s AISC was much higher than its full year guidance of A$1,135 to A$1,195 an ounce, which may have disappointed investors. Though, it is worth noting that the company has maintained this guidance.

Hipages Group Holdings Ltd (ASX: HPG)

The Hipages share price is down 15% to $2.81. Investors have been selling the tradie marketplace provider’s shares following the release of its second quarter update. That update revealed that its tradie subscribers and ARPU were softer than expected due to the ongoing disruption caused by the Omicron outbreak. However, management expects things to normalise in the second half as case numbers ease.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down over 10% to $6.27 following the release of a trading update. According to the release, Kogan achieved a 9% lift in first half gross sales. However, due to significant margin weakness, the company disappointed with its earnings yet again. It reported a massive 58% decline in EBITDA to $21.7 million due to higher logistic costs and its investment in marketing.

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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 and has recommended Cettire Limited, Hipages Group Holdings Ltd., and Kogan.com ltd. The Motley Fool Australia owns and has recommended Hipages Group Holdings Ltd. and Kogan.com ltd. The Motley Fool Australia has recommended Cettire Limited. 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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