Why BWX, Sayona Mining, Tyro, and Woodside shares are sinking

These ASX shares are sinking on Thursday…

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The S&P/ASX 200 Index (ASX: XJO) is out of form again on Thursday. In afternoon trade, the benchmark index is down 0.75% to 6,650.1 points.

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

BWX Ltd (ASX: BWX)

The BWX share price is down a further 2% to 65 cents. Investors have been selling down this personal care products company’s shares this week following a disastrous trading update and heavily discount capital raising. In respect to the former, the Sukin owner downgraded its earnings guidance materially for FY 2022 due to challenging retail conditions. That’s despite its most recent guidance update being made last month.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is down 6% to 15 cents. This decline appears to have been driven by the broad market weakness. Higher risk shares have been hit hardest, with a number of lithium shares falling heavily today. This latest decline means the Sayona Mining share price is now down 33% since this time last month.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price has continued its slide and dropped a further 5% to a new record low of 61.5 cents. Investors have been selling this payments company’s shares this week after it announced the surprise exit of its managing director and CEO, Robbie Cooke. In response to the news, this morning analysts at Macquarie downgraded Tyro’s shares to a neutral rating.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside Energy share price is down over 2.5% to $31.95. Woodside and other energy shares have come under pressure on Thursday. This follows a pullback in oil prices overnight amid concerns that a recession could lead to softening demand. The S&P/ASX 200 Energy index is down 1.9% this afternoon.

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 Tyro Payments. The Motley Fool Australia has recommended BWX Limited and Tyro Payments. 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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