In 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 1.65% to 7,063.9 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
Nufarm Ltd (ASX: NUF)
The Nufarm share price is down 7.5% to $6.14. This follows the release of the agricultural chemicals company's half-year results. For the six months ended 31 March, Nufarm reported a 41% increase in underlying EBITDA to $330 million. This was in the middle of the company's guidance range of $320 million to $340 million. Some investors may have been expecting Nufarm to hit the top end of its range.
Pendal Group Ltd (ASX: PDL)
The Pendal share price is down 7% to $4.84. This has been driven by the fund manager's shares trading ex-dividend this morning. Eligible shareholders can now look forward to receiving the company's interim 21 cents per share partially franked dividend on 1 July.
Wesfarmers Ltd (ASX: WES)
The Wesfarmers share price is down over 7% to $46.15. Investors have been selling Wesfarmers and other retail shares after the release of very disappointing results from a couple of major retailers in the United States overnight. Target Corp saw its shares crash 25% lower on Wall Street last night after rising inflation dented customer spending.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is down 4% to $23.38. As with Pendal, the majority of this decline is attributable to the banking giant's trading ex-dividend this morning for its interim dividend. Australia's oldest bank will be paying its 61 cents per share fully franked interim dividend next month on 24 June.
