The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a heavy decline. In afternoon trade, the benchmark index is down over 1% to 7,036.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Image source: Getty Images
Block Inc (ASX: SQ2)
The Block share price has tumbled 10% to $137.50. Investors have been selling this payments company's shares following a poor night of trade for its US listed shares on Friday night. In addition, futures contracts are currently pointing to a very red start to the week for tech shares on Wall Street. This is weighing on the Australian tech sector, which has dragged the S&P ASX All Technology index down 4% this afternoon.
GQG Partners Inc (ASX: GQG)
The GQG share price is down 7% to $1.23. This follows the release of the fund manager's latest funds under management (FUM) update. That update revealed that fund inflows have continued but its overall FUM has fallen by 1.6% month on month to $89.8 billion.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is down 9% to $4.49. Investors have been selling this airline operator's shares amid concerns about rising oil prices. With prices briefly topping US$130 a barrel earlier today, Qantas' fuel costs are likely to increase materially and put pressure on its margins. This could push back its break-even point once again.
Unibail-Rodamco-Westfield (ASX: URW)
The Unibail-Rodamco-Westfield share price is down 7% to $4.31. This shopping centre operator's shares have come under pressure today following news that they will be dumped from the ASX 200 index later this month. At the quarterly rebalance on 22 March, Unibail-Rodamco-Westfield will be one of four shares removed from the index.
