In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to end the week in the red. At the time of writing, the benchmark index is down 0.7% to 7,239.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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AGL Energy Limited (ASX: AGL)
The AGL share price is down 6% to $6.83. This morning the team at Morgans responded to the energy company's half year results by retaining its hold rating and cutting its price target to $7.24. Although AGL delivered a better than expected result, the broker continues to believe that it is a difficult investment proposition ahead of its demerger.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 4% to $18.33. Investors have been selling down the struggling fund manager's shares following the release of an out of cycle funds under management (FUM) update. That update reveals that Magellan's FUM has fallen 6.85% since the end of January to $87.1 billion. And with several ratings agencies putting its funds under review or downgrading them, there are fears that its FUM could continue to fall from here.
Xero Limited (ASX: XRO)
The Xero share price has fallen 4.5% to $110.49. This follows broad weakness in the tech sector on Friday following a very strong inflation reading in the United States. This has sparked fears that interest rates will rise even quicker than expected, which could weigh on the valuations of tech shares like Xero.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 6% to $2.88. The catalyst for this appears to be the release of a disappointing quarterly update from buy now pay later rival Affirm overnight. The Affirm share price crashed 21.5% during the session and then a further 7% in after-hours trade.
