In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is off its intraday lows but still deep in the red. At the time of writing, the benchmark index is down 0.9% to 7,086.4 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price has continued its slide and is down over 3% to $15.46. This decline means the fund manager's shares have now fallen to another multi-year low. This has been caused by broad market weakness and concerns over its depleting funds under management (FUM). Its next FUM update is likely to be released on Monday morning and some investors don't appear willing to stick around to find out what the damage is.
Nick Scali Limited (ASX: NCK)
The Nick Scali share price has tumbled 6% to $11.68. A good portion of this decline is attributable to the furniture retailer's shares trading ex-dividend this morning. Last month the company released its half year results and declared a fully franked interim dividend of 35 cents per share. Eligible shareholders can now look forward to receiving this payment later this month on 28 March.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 3% to $4.95. A number of travel shares have come under significant selling pressure today. This appears to have been caused by concerns that the Russia-Ukraine crisis could have an impact on the travel market.
Zip Co Ltd (ASX: Z1P)
The Zip share price is down 11% to $1.67. Investors have been selling this buy now pay later provider's shares amid weakness in the tech sector. In addition, yesterday UBS downgraded the company's shares to a sell rating and cut the price target on them by 80% to a lowly $1.00.
