In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing, the benchmark index is down 0.1% to 7,140.6 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are sinking:
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Incitec Pivot Ltd (ASX: IPL)
The Incitec Pivot share price is down over 4% to $3.58. This follows the release of the fertiliser and commercial explosives manufacturer's half-year results. Incitec Pivot reported a 48% increase in revenue to $2,548 and a record half-year profit of $384 million. As strong as this was on paper, its earnings still fell short of consensus estimates.
Openpay Group Ltd (ASX: OPY)
The Openpay share price is down 10% to 26.5 cents. The catalyst for this was the completion of a placement of shares to sophisticated and institutional investors. Openpay has raised $18.25 million from the placement at an 18.6% discount of 24 cents per new share. It will now seek to raise a further $2 million from retail shareholders at the same price. These funds will be used to accelerate the buy now pay later provider's pathway to profitability in the ANZ market.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price is down 7% to $1.23. As I mentioned here earlier, short sellers have been increasing their positions in this medical device company despite its chairman loading up on shares this month. They appear to believe the company's underperformance will continue this year.
Sayona Mining Ltd (ASX: SYA)
The Sayona Mining share price is down 18% to 23 cents. Investors have been selling this lithium explorer's shares following the release of a disappointing pre‐feasibility study for the North American Lithium operation in Canada. That study found that the project has a pre‐tax net present value of A$1 billion, which was lower than many were expecting. It also uses long run spodumene price inputs well ahead of what analysts at Goldman Sachs are forecasting.
