Why AUB, Block, BrainChip, and Pushpay shares are sinking

These ASX shares are sinking on Tuesday…

| More on:
Red arrow going down, 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 afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has recovered from its intraday lows but remains on course to record yet another sizeable decline. At the time of writing, the benchmark index is down 1.1% to 7,038.1 points.

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

AUB Group Ltd (ASX: AUB)

The AUB share price is down 11.5% to $19.53. This morning the insurance broker announced the successful completion of the institutional component of its $350m capital raising. These funds were raised at $19.50 per new share, which represented an 11.6% discount to its last close price. The proceeds will be used to fund the acquisition of Tysers for $880 million.

Block Inc (ASX: SQ2)

The Block share price is down 8.5% to $122.71. This follows an even greater decline by the payments giant’s NYSE listed shares during overnight trade on Wall Street. Investors were selling Block’s shares amid weakness in the tech sector, a significant drop in the bitcoin price, and the release of several less-than-bullish broker notes.

BrainChip Holdings Ltd (ASX: BRN)

The BrainChip share price is down 13% to $1.05. Investors have been selling this artificial intelligence technology company’s shares despite there being no news out of it. However, its shares did surge higher yesterday amid excitement over an unannounced partnership with Arm. This may have led to some traders taking profit today.

Pushpay Holdings Ltd (ASX: PPH)

The Pushpay share price is down 4.5% to $1.20. This decline may have been driven by investor nerves ahead of the payments company’s full-year results release tomorrow. Pushpay’s results have been a touch underwhelming over the last 18 months, putting significant pressure on its shares. Some investors may be fearing tomorrow’s will be the same.

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 positions in and has recommended Block, Inc. and PUSHPAY FPO NZX. The Motley Fool Australia has positions in and has recommended Block, Inc. and PUSHPAY FPO NZX. The Motley Fool Australia has recommended Austbrokers Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Fallers

Gold nugget with a red arrow going down.
Share Fallers

Why is the Evolution share price tumbling 10% so far this week?

Despite potential tailwinds, performance continues to head south.

Read more »

A woman holds a gold bar in one hand and puts her other hand to her forehead with an apprehensive and concerned expression on her face after watching the Ramelius share price fall today
Gold

The Northern Star share price has lost 7% so far this week. What’s happening?

It's been a tough week for the gold miner's shares. We take a look.

Read more »

A woman holds a gold bar in one hand and puts her other hand to her forehead with an apprehensive and concerned expression on her face after watching the Ramelius share price fall today
Share Fallers

Here’s why this ASX 200 gold share is tumbling 15% to a 7-year low

Permitting delays at one project and the decision to review the expansion of another project has put St Barbara under…

Read more »

Red arrow going down on a stock market table which symbolises a falling share price.
Share Fallers

Why Cooper Energy, Lake Resources, Leo Lithium, and Zip shares are sinking

These ASX shares are having bad days...

Read more »

two older men wearing colourful tropical patterned shirts and hats like tourists puzzle over a map one is holding while he other holds up a hand as if indicating he doesn't know where they are going.
Share Fallers

Why is the Webjet share price tailgating the ASX 200 today?

Volatility is continuing for the online travel agent on Thursday...

Read more »

An unhappy man in a suit sits at his desk with his arms crossed staring at his laptop screen as the PointsBet share price falls
Share Fallers

Own PointsBet shares? Here’s what the SIG investment means for shareholders

PointsBet shares are continuing south today despite news of a major new investment this week.

Read more »

Red arrow going down and symbolising a falling share price.
Technology Shares

Why has the Mesoblast share price crashed 40% since April?

The tech share extends losses today.

Read more »

A man with his back to the camera holds his hands to his head as he looks to a jagged red line trending sharply downward representing the ASX tech share sell-off today
Resources Shares

Could this be weighing down the Rio Tinto share price today?

There may be two factors hurting Rio Tinto's stock right now. Let's take a closer look.

Read more »