Why Block, Nanosonics, St Barbara, and Woodside shares are dropping

These ASX shares are out of form on Wednesday…

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another sizeable decline. At the time of writing, the benchmark index is down 1.3% to 6,597.3 points.

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

Block Inc (ASX: SQ2)

The Block share price is down 6% to $87.29. This follows another poor night for this payments company’s NYSE listed shares on Tuesday. However, Block isn’t the only tech share falling today. With heavy declines being recorded across the sector, the S&P ASX All Technology index is down 3% at the time of writing.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is down 3% to $2.99. This appears to have been driven by broad market weakness and a broker note out of Morgans. In respect to the latter, this morning Morgans retained its add rating but slashed its price target on the infection prevention company’s shares by 10% to $4.86. The broker has downgraded its earnings forecasts to reflect higher costs and softer growth.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down 3% to $1.10. Investors have been selling St Barbara and other gold miners after a pullback in the gold price overnight. This has led to the S&P/ASX All Ordinaries Gold index tumbling 1.4% this afternoon.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is down 3% to $32.03. The catalyst for this was weakness in energy prices overnight. This has put pressure on energy producers like Woodside on Wednesday. So much so, the S&P/ASX 200 Energy index is down 2.5% at the time of writing.

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 Nanosonics Limited. The Motley Fool Australia has positions in and has recommended Block, Inc. and Nanosonics Limited. 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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