The S&P/ASX 200 Index (ASX: XJO) looks set to start the week with a decline. In afternoon trade, the benchmark index is down 0.3% to 7,216.6 points.
Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:
A2 Milk Company Ltd (ASX: A2M)
The A2 Milk share price is down 2.5% to $4.64. This decline appears to have been driven by news that Abbott Nutrition has restarted baby formula production at its reopened Michigan plant in the United States. Any hopes that A2 Milk would be able to take advantage of supply issues in the United States now appear to be evaporating.
Appen Ltd (ASX: APX)
The Appen share price is down 3.5% to $6.18. Investors have been selling the artificial intelligence data services company’s shares amid news that it will be kicked out of the ASX 200 index at the next rebalance. In addition, weakness in the tech sector and a broker downgrade from Citi have weighed on Appen’s shares today.
Magellan Financial Group Ltd (ASX: MFG)
The Magellan share price is down 13% to $13.03. This fund manager’s shares have been sold off for a couple of reasons. The first is the release of a monthly update which revealed another sizeable decline in funds under management. The other is news that S&P Dow Jones Indices has dumped Magellan from the illustrious ASX 100 index.
Tyro Payments Ltd (ASX: TYR)
The Tyro Payments share price is down over 7% to 94 cents. This payments company’s shares have come under pressure on Monday after it was also kicked out of the ASX 200 index. When a share drops out of a major index it can lead to increased selling from index funds that track the index and fund managers with strict investment mandates.