Why Bapcor, GQG, Smartgroup, and Woodside shares are dropping

These ASX shares are dropping on Tuesday…

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Red line going down on an ASX market chart which symbolises a falling share price.

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In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.7% to 6,990.5 points.

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

Bapcor Ltd (ASX: BAP)

The Bapcor share price is down 3% to $6.06. This decline appears to have been driven by news that the auto parts retailer’s chief operating officer (COO) is leaving the company. This means that Bapcor has now lost its CEO and its COO in the space of three months.

GQG Partners Inc (ASX: GQG)

The GQG share price is down 6% to $1.17. This fund manager’s shares have been hammered since the release of its latest funds under management (FUM) update on Monday. Although that update revealed that fund inflows continued during February, its overall FUM fell by 1.6% month on month to $89.8 billion.

Smartgroup Corporation Ltd (ASX: SIQ)

The Smartgroup share price is down 8% to $7.71. A good portion of this decline has been driven by the salary packaging company’s shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving the company’s fully franked 49 cents per share final dividend later this month on 23 March. This includes a special 30 cents per share dividend.

Woodside Petroleum Limited (ASX: WPL)

The Woodside share price is down 4% to $33.08. Investors have been selling this energy producer’s shares after oil prices pulled back from 13-year highs. Despite today’s decline, the Woodside share price is still up a whopping 22% since this time last month. Supply concerns have been propelling oil prices to such high levels.

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. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended SMARTGROUP DEF SET. The Motley Fool Australia has recommended Bapcor. 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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