Why Chalice Mining, EML Payments, Mineral Resources, and South32 shares are tumbling

These ASX shares are under pressure on Tuesday…

| More on:
Red arrow going down with share prices in red symbolising a falling share price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. At the time of writing, the benchmark index is down 2% to 7,323.5 points.

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

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price is down 10% to $6.37. Investors have been selling this mineral exploration company’s shares amid broad weakness in the resources sector due to softening commodity prices and the release of its quarterly update. The latter spoke about delays to the commencement of off-track drilling in the Julimar State Forest.

EML Payments Ltd (ASX: EML)

The EML Payments share price is down a massive 38% to $1.67. This follows the release of a trading update this morning which revealed that the payments company has downgraded its earnings guidance. This followed a tough third quarter, which saw EML report a 22% decline in underlying net profit after tax and amortisation.

Mineral Resources Limited (ASX: MIN)

The Mineral Resources share price is down 9.5% to $54.94. As well as the aforementioned weakness in the resources sector, this morning Mineral Resources announced plans to raise US$1 billion. The mining and mining services company will raise the funds via a senior unsecured notes offering. Mineral Resources intends to use the cash proceeds from the offering for general corporate purposes, including for capital expenditures.

South32 Ltd (ASX: S32)

The South32 share price has sunk 7.5% to $4.47. This follows the release of the mining giant’s quarterly update, which appears to have fallen short of expectations. South32 also revealed an increase to its operating unit cost guidance for FY 2022 due partly to inflated input costs.

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. owns and has recommended EML Payments. The Motley Fool Australia owns and has recommended EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Fallers

Red arrow going down and symbolising a falling share price.
Share Fallers

Why the Paladin share price fell 25% in June

Uranium shares softened in June.

Read more »

An engineer takes a break on a staircase and looks out over a huge open pit coal mine as the sun rises in the background
Resources Shares

Why did the Rio Tinto share price plunge 11% in June?

Let's analyse the month just gone by.

Read more »

Red arrow going down with share prices in red symbolising a falling share price
Share Fallers

Why Argosy Minerals, BHP, Ingenia, and Woodside shares are dropping today

These ASX shares are ending the week in the red...

Read more »

a person holds their head in their hands as they slump forward over a laptop computer which features a thick red downward arrow zigzagging downwards across the screen.
Share Fallers

The Lake Resources share price plummeted 49% in June. Here’s why

It was a month to forget for the ASX lithium share. Here are the details.

Read more »

a sad looking engineer or miner wearing a high visibility jacket and a hard hat stands alone with his head bowed and hand to his forehead as he speaks on a mobile telephone out front of what appears to be an on site work shed.
Share Fallers

What’s clamping down on the Piedmont Lithium share price?

Investors are continuing to punish the lithium developer.

Read more »

Woman has a confused expression as she looks at phone.
Share Fallers

Why did the Soul Pattinson share price go backwards in June?

June was a tough month for the investment conglomerate. What happened?

Read more »

ASX shares COVID the words crash with a declining arrow on top
Share Fallers

These were the worst performing ASX 200 shares in June

It was a bad month for the ASX 200 but an even worse month for these shares...

Read more »

Man with his head on his head with a red declining arrow and A worried man holds his head and look at his computer as the Megaport share price crashes today
Industrials Shares

Why is the Electro Optic Systems share price hitting a new 52-week low?

Selling pressure has rolled over into today's session after Wednesday's collapse

Read more »