In late trade, the S&P/ASX 200 Index (ASX: XJO) is heading for a disappointing decline. At the time of writing, the benchmark index is down 0.4% to 7,212.5 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Adore Beauty Group Ltd (ASX: ABY)
The Adore Beauty share price is down 7% to $2.51. This is quite a turnaround for the online beauty retailer's shares, which were up 7% in morning trade. Although Adore Beauty delivered strong revenue growth during the first half, investors may have concerns over its slender margins.
Beach Energy Ltd (ASX: BPT)
The Beach share price is down 10% to $1.46. Investors have been selling this energy producer's shares following a pullback in oil prices and a broker note out of Macquarie. In respect to the latter, this morning the broker downgraded Beach's shares to an underperform rating with a $1.50 price target.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price has fallen 5% to $21.64. This may have been driven by weakness in the iron ore price overnight. This appears to have been caused by China seeking to cool the rallying price of the steel making ingredient. One action that was taken was increasing transaction fees for iron ore futures on China's Dalian Commodity Exchange.
Praemium Ltd (ASX: PPS)
The Praemium share price is falling again and is down 6% to 99.2 cents today. Investors have been selling this investment platform provider's shares after its half year results on Monday disappointed. In addition, while Ord Minnett remains positive on the company, it has cut its price target on its shares down by 12% to $1.50.
