Why Nufarm, Pendal, Wesfarmers, and Westpac shares are sinking

These ASX shares are falling on Thursday…

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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.

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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